FESCO Board of Directors Approved New Composition of Management Board 02/01/2016

01 February 2016
FESCO Transportation Group (MOEX: FESH) announces changes in the Company’s Management Board 02/01/2016.

According to the decision of FESCO Board of Directors, starting from February 1st, 2016 the composition of the Company’s Management Board is as follows:

  • Konstantin Sokolov, President
  • Vladimir Korchanov, First Vice President
  • Alexandrs Isurins, Senior Vice President, Commerce
  • Konstantin Kuzovkov, Vice President, Investments and Development
  • Yury Melyakin, Vice President, Security
  • Maxim Sakharov, Vice President, Finance
  • Dmitry Shokhin, Vice President, Legal and Corporate Affairs

Victor Belyakov, held the position of Vice President for Finance, left the Company and resigned from the Management Board. Maxim Sakharov has been appointed Vice President for Finance of FESCO Transportation Group. Maxim Sakharov previously held the position of Director for Operating Efficiency and Business Analysis. Mr. Belyakov will advise Mr. Sakharov on key issues in order to ensure an effective and smooth transition of responsibilities.

«We wish to thank Victor for the major contribution to the FESCO strategy implementation he has made. Cost optimization program has developed and launched under his leadership, also some measures of our liability management initiative have successfully implemented, including the partial rubble- and Eurobonds buyback transactions. We wish Victor the very best in his future endeavors and are delighted to welcome Maxim as the new CFO. Maxim has been with FESCO for over 10 years and I am confident that his experience, knowledge of company business and responsible approach to business will contribute to the efficient functioning of the Group’s financial block, as well as further implementation of the financial strategy," Konstantin Sokolov, FESCO President, said.

Mr. Sakharov started working for FESCO as an economist in 2005. He was promoted to the position of Director of the Department of Planning and Reporting, and then Director of Operational Efficiency and Business Analysis. His responsibilities included IFRS reporting, budgeting, evaluation of investment projects and improving operational efficiency. He has been on the Board of Directors for several of the Group’s Russian and foreign companies since 2013.

Mr. Sakharov graduated from the Far Eastern National University where he majored in World Economy, as well as the Higher School of International Business of the Russian Presidential Academy of National Economy and Public Administration.