Maхim Sakharov appointed President of FESCO Transportation Group effective March 6, 2020

05 March 2020

FESCO Transportation Group (“the Group”, “FESCO”) announces the appointment of Maxim Sakharov as the Group’s President effective March 6, 2020. Maxim Sakharov, previously Vice President for Finance, will replace Aleksandrs Isurins who is stepping down as the Group’s President on the same date.

“On behalf of the Board of Directors, I want to thank Aleksandrs Isurins. During the time he served as the President, he implemented a number of strategic projects, restructured public debt, the Group’s operational and financial key performance indicators increased under his guidance. We wish Aleksandrs continuing success and welcome Maхim Sakharov. We are sure that his knowledge of business and corporate culture, as well as his commitment to the Group’s business activities will contribute to the Company’s further successful development”, - said Leyla Mammed Zade, chairman of FESCO's Board of Directors.

Maхim Sakharov has been working in FESCO since 2005. He started as an economist and eventually became a director of the planning and reporting department and a director for operational effectiveness and business analysis. In 2016 he was appointed Vice-president for finance. From 2013 he has been a member of boards of directors of several companies of the Group in Russia and abroad. Mr. Sakharov graduated from the Far Eastern Federal University with a degree in global economy and from the Higher School of International Business at the Russian Presidential Academy of National Economy and Public Administration.

Leonid Zvyagintsev, who was the head of the corporate financing department, has been appointed Vice-president for finance. Leonid has been working in FESCO since 2007.