Stan Polovets

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Stan Polovets
Станислав Половец[1]
Stan Polovets
Polovets awards Justice Ruth Bader Ginsburg the Genesis Lifetime Achievement Award in 2018
Born (1963-06-08) June 8, 1963 (age 60)
Moscow, Soviet Union
(present-day Russia)
NationalityAmerican
Occupation(s)Businessman and philanthropist
OrganizationsL1 Energy/Alfa Group, Genesis Prize Foundation, Access Industries, Edelman, Stanford University, New York University

Stan Polovets (born June 8, 1963) is an American businessman and philanthropist. He is known for his work in the international energy sector and for his innovative philanthropic initiatives.[2]

Polovets played a notable role in the creation of TNK-BP, one of the largest joint ventures in the global energy industry, which operated in 2003-2013 and controlled more than 18% of Russia’s total oil production. He held a number of executive and board posts and was instrumental in its subsequent divestment in a record $55 billion transaction.[3]

In May 2020, Polovets was elected chairman of the board of directors of Anchiano Therapeutics Ltd.,[4][5] a NASDAQ-listed biopharmaceutical company. In March 2021, he stepped down as chairman after the company posted a 630% return in 12 months, and merged with Israel-based Chemomab Therapeutics.[6]

Polovets is a member of the Council on Foreign Relations, the President’s Global Council at New York University (NYU), and the Board of Overseers at the NYU Tandon School of Engineering.[7] From 2014 to 2019, he served on the Board of Overseers of Stanford University's Hoover Institution.[8][9]

He is the co-founder and chairman/CEO of the Genesis Prize Foundation, a global philanthropic initiative focused on enhancing Jewish identity.[10][11]

On September 13, 2023, Polovets was summoned as part of an accusation of sexual assault that occurred in late 2021.[12][13] On October 23, Polovets’s legal counsel filed a response denying the accusation, indicating that the plaintiff filed for her second bankruptcy several weeks before suing Mr. Polovets and that the lawsuit includes false and malicious claims.[14]

Personal life and education

Stan Polovets was born in 1963 in Moscow, USSR. His family immigrated to the United States in 1976, and he became a naturalized U.S. citizen in 1983.[15] He received a Bachelor of Science degree from California State University, Northridge (1985), and attended Stanford University, graduating with an MBA and MA in 1989.[2]

Business affiliations

Early career

Prior to graduate school, he worked as an analyst for

Exxon, a management consultant for KPMG, and defense analyst at The RAND Corporation, a public policy think tank. After receiving his MBA from Stanford Business School, Polovets moved to New York to work at the global headquarters of Ernst & Young
, where he was responsible for establishing the company's consulting business in the former Soviet Union and Eastern Europe.

In 1992, he established

Mazeikiu Nafta, Lithuania’s national oil company. RPI’s two flagship publications, Russian Petroleum Investor and Caspian Investor, continue to be published by Thomson Reuters.[16]

TNK-BP and AAR

In 2001, Polovets joined Tyumen Oil Company (TNK), an emerging Russian oil producer, as Vice President of Mergers and Acquisitions. In 2002–2003 Polovets represented TNK in a $15 billion merger with

Statoil. It operated in Russia, Ukraine, Brazil, Venezuela and Vietnam.[17]

Between 2003 and 2006 Polovets held a number of senior executive posts in the TNK-BP Group, including Senior Vice President and Chief of Staff to TNK-BP’s President Bob Dudley, later the CEO of BP.[18]

In 2006 Polovets briefly left the TNK-BP Group to become First Vice President of Uralsib, a major Russian financial institution. In 2007 Polovets became the CEO of the Alfa-Access-Renova (AAR) Consortium, which held a 50% stake in TNK-BP. In that capacity, he represented AAR on the Board and Board Committees of TNK-BP, as well as its key subsidiaries and affiliates, including Slavneft (a joint venture with Gazpromneft) and TNK Trading International (TTI, an international trading subsidiary).[19][20]

In 2011, Polovets was involved in AAR’s legal battle against BP, which was also a 50% shareholder in TNK-BP. AAR filed a lawsuit seeking to block BP's strategic alliance with Rosneft in a bid to access Russia's Arctic reserves and bypass TNK-BP.[21][22]

AAR won an injunction from the High Court of London that blocked BP from entering a strategic alliance and executing a share swap with Rosneft. The Stockholm Arbitration Tribunal made a similar ruling, upholding AAR’s position and preventing BP’s attempted alliance with Russia’s state-owned company. AAR’s successful bid to block the BP-Rosneft alliance paved the way for AAR’s cash-out from TNK-BP two years later.[23][24]

In 2013, in his capacity as CEO of AAR, Polovets was involved in executing the sale of AAR’s 50% stake in TNK-BP to Rosneft for $28 billion. BP also sold its TNK-BP stake to Rosneft in a parallel transaction, making the $55 billion sale of TNK-BP the largest M&A deal in

M&A transaction in the global energy sector in a decade. Between 2003 and 2013, AAR shareholders received more than $20 billion in dividends from TNK-BP and saw the value of its stake grow from $7.5 billion to $28 billion, making it one of the most successful investments in the history of the oil and gas industry.[25]

Current Business Affiliations

From May 2013 until December 2019, Polovets served as the Lead Non-Executive Director for L1 Energy, the international investment vehicle of Alfa Group.[26]

From May 2014 through October 2016, Polovets served as the chairman for Russia and Eastern Europe at Edelman, the largest global PR firm.[27][26]

From September 2014 until March 2020, Polovets served as Senior Advisor to Access Industries, a privately held industrial group with long-term holdings in natural resources, chemicals, media, telecoms and real estate, owned by American entrepreneur and philanthropist Len Blavatnik. Polovets represented Access as the Lead Non-Executive Director on the Board of Directors of Clal Industries, a major Israeli holding company with a diversified portfolio of investments in industrial manufacturing, hi-tech and consumer sectors.[28][29]

Philanthropy

Polovets is a co-founder and chairman/CEO of the Genesis Prize Foundation.[30] The Foundation awards an annual $1 million Prize to exceptional individuals whose achievements will inspire and instill a sense of pride in the next generation of Jews.[11][31][32] The Prize has a permanent endowment of $100 million and is a partnership between the Genesis Prize Foundation and the Jewish Agency for Israel (Sokhnut).[33] Each of the laureates has chosen to forgo the award funds and directed their $1 million prizes – often matched by additional donors – to various charitable causes.

Polovets is also a co-founder and CEO Emeritus of Genesis Philanthropy Group (GPG), one of the largest private foundations in the field of Jewish philanthropy, with offices in Moscow, New York City, London and Tel Aviv.[34] Polovets served as the founding CEO of GPG from its inception in 2007 until July 2014. He represented GPG on the boards of several non-profits funded by GPG, including serving as Vice Chairman of Hillel Russia.[35]

In 2003, Polovets established, funded, and managed the Vnimanie Foundation, a non-profit organization dedicated to supporting Russian children with learning disabilities and behavioral disorders. The Board of Vnimanie included many prominent individuals, including the former Soviet leader Mikhail Gorbachev. The Executive Director of Vnimanie Foundation was Sergei Filatov, who previously served as President Boris Yeltsin’s Chief of Staff.[36]

References

  1. ^ "Представители ТНК-ВР покинули совет директоров "Славнефти"". Gazeta.ru. 25 February 2013. Archived from the original on 4 March 2016. Retrieved 21 April 2015.
  2. ^
    Businessweek. Archived from the original
    on November 10, 2014.
  3. New York Times. March 21, 2013. Archived
    from the original on July 9, 2015. Retrieved March 14, 2015.
  4. ^ "Anchiano Appoints Chairman Of The Board". Reuters. 2020-05-26. Archived from the original on 2021-02-13. Retrieved 2021-02-07.
  5. ^ "Stan Polovets, Genesis Prize Foundation: Profile and Biography". Bloomberg.com. Archived from the original on 2021-12-09. Retrieved 2021-02-07.
  6. ^ "Genesis Prize Co-Founder Stan Polovets Steps Down as Chairman of Anchiano Therapeutics after Company Posts 630% Return in 12 Months". edition.cnn.com. Archived from the original on 2021-04-21. Retrieved 2021-04-21.
  7. ^ "Stan Polovets Joins the Board of Overseers at Stanford University's Hoover Institution". Hoover Institution. Archived from the original on 2021-12-05. Retrieved 2021-02-07.
  8. BusinessWire. 11 November 2014. Archived
    from the original on 14 November 2014. Retrieved 17 November 2014.
  9. ^ "Stan Polovets Joins the Board of Overseers at Stanford University's Hoover Institution". Hoover Institution. Archived from the original on 2014-11-27. Retrieved 2014-11-17.
  10. New York Times. June 26, 2012. Archived
    from the original on November 11, 2020. Retrieved March 14, 2015.
  11. ^ a b "Jewish foundation creates 'Jewish Nobel Prize'". The Jerusalem Post. Archived from the original on 2014-11-11. Retrieved 2014-11-10.
  12. ^ "Jane Doe 1 Vs Stan Polovets". Supreme Court of NY Summons. September 13, 2023. Retrieved September 14, 2023.
  13. ^ Elia-Shalev, Asaf (September 19, 2023). "Genesis Prize CEO Stan Polovets accused of drugging and sexually assaulting woman". Jewish Telegraphic Agency. Archived from the original on September 21, 2023. Retrieved September 19, 2023.
  14. ^ "Memorandum of law in opposition to Plaintiff's order to show cause to proceed anonymously". Supreme Court of NY. October 23, 2023. Archived from the original on October 27, 2023. Retrieved October 25, 2023.
  15. ^ The National Archives at Riverside, California; Petitions for Naturalization, U.S. District Court for the Central District of California (Los Angeles), 1940–1991;
  16. ^ "LUKoil, Yukos Feud Shakes Up Lithuania". The Moscow Times. Archived from the original on 2014-11-28. Retrieved 2014-11-17.
  17. ^ "Stan Polovets, Chief Executive Officer of AAR". AAR. Archived from the original on March 13, 2016. Retrieved March 14, 2015.
  18. ^ "Polovets joins Uralsib from TNK-BP to set course for IPO". October 27, 2006.
  19. ^ "Polovets joins Uralsib from TNK-BP to set course for IPO". globalcapital.com. 26 October 2006. Archived from the original on 24 December 2014. Retrieved 17 November 2014.
  20. ^ "Стэн Половец назначен Первым вице-президентом ФК 'УРАЛСИБ'". bankir.ru. Archived from the original on 2014-11-29. Retrieved 2014-11-22.
  21. ^ "BP seeks fast track arbitration with TNK-BP". Reuters. 30 January 2011. Archived from the original on 16 May 2021. Retrieved 5 July 2021.
  22. ^ "1-Russia govt in dark on BP pledge to AAR-source". Reuters. January 28, 2011. Archived from the original on May 18, 2021. Retrieved July 5, 2021.
  23. ^ "Arbitration panel thwarts BP-Rosneft deal". Reuters. March 24, 2011. Archived from the original on May 18, 2021. Retrieved July 5, 2021.
  24. New York Times. Archived
    from the original on April 2, 2015. Retrieved March 14, 2015.
  25. New York Times. March 21, 2013. Archived
    from the original on July 9, 2015. Retrieved March 14, 2015.
  26. ^ a b "Top PR Firm Rankings – Public Relations Agency Rankings by O'Dwyer's Public Relations News". O'Dwyer's. Archived from the original on 2014-11-26. Retrieved 2014-11-17.
  27. ^ "Links Associates affiliates to Edelman in Romania and Serbia". Business-review.eu. 7 July 2014. Archived from the original on 29 November 2014. Retrieved 17 November 2014.
  28. ^ "-כלל תעשיות ממנה את סטן פולובץ לדירקטור". Talniri (in Hebrew). Archived from the original on 2015-01-08. Retrieved 2014-11-25.
  29. ^ "Genesis Prize co-founder appointed chairman of Anchiano Therapeutics". The Jerusalem Post. Archived from the original on 2021-03-17. Retrieved 2021-03-09.
  30. ^ "כלל תעשיות ממנה את סטן פולובץ לדירקטור טלנירי". www.talniri.co.il (in Hebrew). Archived from the original on 2021-12-09. Retrieved 2021-03-02.
  31. ^ "Billionaire debutantes: Russian philanthropists take Bloomberg to the ball". Jewish Telegraphic Agency. 27 May 2014. Archived from the original on 23 November 2014. Retrieved 17 November 2014.
  32. ISSN 0362-4331. Archived
    from the original on 2017-01-29. Retrieved 2021-03-02.
  33. ^ "Prime Minister's Office exits Genesis Prize partnership". The Jerusalem Post. Archived from the original on 2020-02-27. Retrieved 2021-02-08.
  34. ^ "Major Genesis Philanthropy Group Grant Boosts Brandeis' Institute for Russian Jewry". eJewish Philanthropy. 2013-04-10. Archived from the original on 2021-03-01. Retrieved 2021-03-02.
  35. ^ "Stan Polovets". Genesis Prize. Archived from the original on 2015-04-02. Retrieved 2015-03-14.
  36. ^ "Рвачи-убийцы". Ogoniok. Archived from the original on 2008-01-19. Retrieved 2014-11-17.
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