Theede, 54, previously with U.S. oil major ConocoPhillips, was supposed to be present a plan for the company's financial restructuring via video link-up at a conference with the company's board, but refused to join a process that he said he would be attended by people intent on "destroying" what was left of Yukos.
A Moscow court is set to hear bankruptcy hearings on what was once Russia's leading independent crude producer, which has been crippled with billions of dollars in back-tax bills and lawsuits, on August 1.
Appointed Yukos CEO in 2003, Theede said court-appointed external manager Eduard Rebgun had rejected his restructuring plan. The departing executive said Rebgun would tell managers at the meeting that the company was worth only half of the $15 billion as stated in the plan and had debts of $17 billion.
Theede said he had been told there was no chance to restructure the company and liquidation was the only option.
But Theede suggested Yukos would apply to the European Court of Human Rights, where it would seek to claim damages over the seizure and sale at auction of core production unit Yuganskneftegaz to pay off tax arrears. State-owned Rosneft, which held an initial public offering that Yukos unsuccessfully tried to block, bought the unit in early 2005.
On Wednesday Russian energy giant Gazprom offered in a letter to buy a 20% stake in Gazprom Neft, formerly known as Sibneft, from Yukos.
Mikhail Khodorkovsky, Yukos founder and former head, was sentenced to nine years in prison in May 2005 for fraud, though his term was cut to eight years on appeal.
