Usmanov drops Mail.Ru Group control

One of Russia’s richest men, Alisher Usmanov, has transferred control of his majority voting stake in social-networks operator Mail.ru Group.

Usmanov’s holding company USM and the wireless carrier MegaFon PJSC authorized Mail.ru management led by Chief Executive Officer Boris Dobrodeev to exercise voting rights on a 59% voting stake in the Russian internet company, according to an emailed statement.

Usmanov said in a separate statement he is leaving Mail.ru’s management "with a light heart" as the company’s social networks are already an established business, and "high-tech companies should be led by the younger generations," Bloomberg reported.

Usmanov, with an estimated net worth of $14.4 billion according to the Bloomberg Billionaires Index, built his wealth through metal and mining operations, and is the majority shareholder of Metalloinvest,