GAZ Group says it is not yet ready to reveal its successor as CEO to Bo Andersson following his surprise decision to move to rival Russian automaker, AvtoVAZ.

The precise timing of Andersson's move to Togliatti from GAZ Group's Nizhny Novgorod base has not yet been formally announced.

AvtoVAZ did reveal Andersson's "term would become effective" from 31 December this year, although added the caveat: "Or starting from any other date from which he is able to realise his duties as president of the company."

AvtoVAZ is looking to Andersson to raise production volumes and increase Russian market share following his highly successful tenure at the helm of GAZ, where he oversaw collaboration with overseas OEMS such as General Motors and Volkswagen.

But GAZ Group is declining to reveal who its new CEO might be for the time being.

"When we are ready to announce our decision, we will," a GAZ Group spokeswoman told just-auto from Russia. We will not comment at the moment."

AvtoVAZ's board of directors said current EVP finance and corporate development, Oleg Lobanov, would assume the role of interim president until Andersson takes up his new position.

"Today, AvtoVAZ enters a new stage of its development," said a statement sent by the Russian automaker to just-auto.

"It faces ambitious objectives to increase production volumes and raise the market share in Russia. I am sure, that great experience and knowledge of Bo Andersson will allow realising the set goals."

GAZ Group parent, Russian Machines, was not immediately available for comment.