(Bloomberg) -- Russian utility Inter RAO said Chief Executive Officer Boris Kovalchuk was leaving his role amid speculation that President Vladimir Putin may carry out a government shake-up after presidential elections this weekend. 

Energy Minister Nikolai Shulginov, 72, may step down from his post, with Kovalchuk seen as one of the people who may replace him, Bloomberg News reported earlier this week. Kovalchuk’s father, Yuri, is a sanctioned financier described by the US Treasury in 2014 as a “personal banker” for Putin and other senior Russian officials.

Read more: Putin Has Russian Elite in a Frenzy Over Their Political Futures

Inter RAO’s board of directors appointed Sergey Dregval as new CEO for five years starting March 15, the Moscow-based company said in a regulatory filing Thursday. 

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