Who Will Lead Azerbaijan Investment Holding After Alikhanov's Exit?

Ruslan Alikhanov has been dismissed as chief executive officer and member of the Management Board of Azerbaijan Investment Holding (AIH), the Azerbaijani government announced Tuesday.

The Cabinet of Ministers approved the decision, following a submission by the chairman of AIH's Management Board, and Prime Minister Ali Asadov, who also chairs the holding's Supervisory Board, signed off on it.

Alikhanov's deputy, Dayanat Sadullayev, has been appointed to serve as acting CEO on a temporary basis. The holding's Management Board has also been instructed to take the necessary measures arising from the decision.

The government did not provide a reason for Alikhanov's dismissal.

Alikhanov's four-year tenure

Alikhanov had led AIH since 2020, when he was appointed CEO following the establishment of the state holding by presidential decree in August of that year. AIH oversees a portfolio of major Azerbaijani state-owned companies and is tasked with improving their corporate governance and efficiency.

Before joining AIH, Alikhanov built a career spanning international finance, consulting, energy and transportation. His career began at the World Bank, after which he worked at Dell in the United States and spent more than a decade at McKinsey & Company. He subsequently held executive positions at FESCO Transportation Group, Argo Investment Company and Boston Consulting Group.

During his tenure at AIH, he also served on the supervisory boards of major Azerbaijani companies, including SOCAR and Azer-Turk Bank. He remained a member of SOCAR's Supervisory Board and chaired the Supervisory Board of Azer-Turk Bank.

As recently as July, Alikhanov represented AIH in signing a memorandum of understanding with the Türkiye Wealth Fund to explore joint investment opportunities and projects in strategic sectors.

The leadership change comes months after AIH reviewed the 2025 performance and financial results of its portfolio companies at a Supervisory Board meeting chaired by Asadov. Alikhanov presented the holding's assessment of the portfolio companies' performance at that meeting.

Sadullayev, who will temporarily take over as CEO, is also deputy CEO of PASHA Holding and president of the American Chamber of Commerce in Azerbaijan (AmCham Azerbaijan).

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