The president of Baltika Brewing Company (BBC) is to resign. Taimuraz Bolloev announced his decision to resign from the position today (14 December). Bolloev, who has been the president of Baltika for the past 13 years, will stand down at the end of this year.

In a statement, Christian Ramm-Schmidt, president of Baltic Beverages Holding, BBC's parent company, and chairman of the Baltika board of directors said: "On behalf of BBH, we would like to pay tribute to Mr Bolloev's achievements over the last 13 years. Mr Bolloev is leaving the Baltika business in tremendously good shape.

"The results for the third quarter of 2004 show the power of the Baltika business following the completion of the new sales and distribution system and our successfully renewed marketing strategy. Baltika achieved a record 24% market share during the third quarter."

Prior to the appointment of a new permanent president of Baltika, Anton Artemiev, the executive vice-president of BBH, has been appointed as the acting president. Artemiev, 43, has been a senior executive of BBH since 2000. He has been a member of the Baltika board of directors since 2001.

"I am confident that the management team and employees at Baltika will continue to work hard and achieve strong results also in the future," Bolloev said. "I would like to thank all those people who have worked with me for many years making Baltika a great success."