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Swedish chief of Russia's biggest carmaker Avtovaz to step down

Russian President Vladimir Putin tests an AvtoVAZ Lada Vesta in Sochi in October 2015Russia’s biggest carmaker Avtovaz, majority owned by Renault-Nissan, said on Monday its Swedish chief executive Bo Andersson is to step down after major losses as the country’s auto industry struggles with recession. Hit hard by Russia’s economic crisis, the company, which makes Lada cars, has been battling with bankruptcy fears since last month reporting a tripling of net losses for 2015. Andersson, who came out of early retirement in 2013 to become the first non-Russian to lead Avtovaz, now “plans to step down”, the automaker said in a statement.

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