Founder and CEO of VKontakte Quits

Pavel Durov was the last of the founders still working at the company

Pavel Durov, one of the co-founders of VKontakte, also known as the Russian Facebook, has announced that he will be leaving his position as CEO of the company.

“After my brother’s decision in the middle of last year to abandon the position of technical director, I have removed myself from the duties of chief executive of VKontakte,” Durov announced on his webpage.

Furthermore, he states that as a result of the changes that happened inside the company in April 2013, the CEO’s role was greatly reduced, which made it difficult for him to defend the principles that once were the basis of the social network.

The fact that he decided to leave the top spot in the company isn’t exactly surprising considering that, back in January, he sold his 12 percent stake in VKontakte. Rumors about his potential decision to quit have also been going on for a while.

This was backed by the fact that a few months ago, almost all the founders of the site resigned, including Ilya Perekopsly, vice president, and Igor Perekopsky, chief financial officer.

The major shareholder of VKontakte is Mail.Ru Group, who has nearly 52 percent of the company. The second largest shareholder is the United Capital Partners fund.

It’s unclear if this is just a joke given the date, but Durov seems to be quite sincere.

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