FILE PHOTO: Sergei Frank, president and chief executive of Russia’s Sovcomflot shipping company, attends the St. Petersburg International Economic Forum (SPIEF), Russia May 25, 2018. REUTERS/Sergei Karpukhin/File Photo

MOSCOW (Reuters) - The chief executive of Russian state-controlled shipping giant Sovcomflot, Sergei Frank, will step down after 15 years in office, the office of Deputy Prime Minister Maxim Akimov said in a statement on Tuesday.

Frank is expected to become chairman of the board of directors, the statement said, while Igor Tonkovidov, the company’s current vice president, will be appointed as the new CEO.

Earlier on Tuesday, Reuters reported that Frank would be giving up operational control of Sovcomflot and taking over as chairman.