AtoVaz's general director quits

The general director of Russia's No 1 car maker AvtoVaz has resigned over differences with management, including a plan to sell a major stake to French carmaker Renault, business daily Kommersant said on Monday.
Kommersant said Igor Yesipovsky's resignation, submitted on Saturday, was likely to be accepted when AvtoVaz's board of directors meets on Tuesday. Quoting sources at AvtoVaz, Kommersant said Yesipovsky quit because he clashed with vice-president Alexander Pronin over the company's future direction including the plan to sell a major stake to Renault.
Yesipovsky and officials at AvtoVaz were not immediately available for comment.
AvtoVaz, Russia's flagship car maker which produces the Lada car, has been increasingly losing out to foreign competition and is in dire need of cash.
Russian media reports in June said the troubled car maker, whose 2005 net profit collapsed four-fold, was in talks with Renault.
Kommersant said Yesipovsky's departure may clear one more hurdle towards a deal with Renault. Media reports say Renault wants to set up a joint venture with AvtoVaz to produce 450,000 Logan cars a year in Russia.