Sistema Approves Changes to the Board of Directors and Senior Management
Sistema (LSE:SSA), the largest private sector consumer services company in
Russia and the CIS, today announced that the Board of Directors meeting held on
February 25, 2006 approved the previously indicated changes to the Company's
Board and senior management. The changes include the appointment of Vladimir
Evtushenkov as Chairman of the Board of Directors, and the appointment of
Alexander Goncharuk as President.
Evgeny Novitsky, the former Chairman of the Board of Directors, will continue to
serve as a member of Sistema's Board of Directors.
Mr. Evtushenkov is Sistema's founder and largest shareholder, and served as
Chairman of the Company's Board of Directors from January 1994 until January
2005. Mr. Evtushenkov was appointed as President of Sistema prior to the
Company's initial public offering and listing on the London Stock Exchange in
Mr. Goncharuk was President of Sistema Telecom from 1998 until 2003, and was
subsequently appointed as General Director of Sistema's Technology business -
Concern Scientific Center (recently renamed as Concern Sitronics). Mr. Goncharuk
has served as a member of Sistema's Board of Directors since 1995 and is a
shareholder in the Company.
Evgeny Utkin, previously CEO of Kvazar Micro (a subsidiary of Concern
Sitronics), will take over from Mr. Goncharuk as Chief Executive of Concern
Sitronics, subject to approval by Concern Sitronics' Board of Directors.
For further information, please visit www.sistema.com
Sistema is the largest private sector consumer services company in Russia and
the CIS, with over 50 million customers. Sistema develops and manages
market-leading businesses in selected service-based industries, including
telecommunications, technology, insurance, banking, real estate, retail and
media. Founded in 1993, the company reported revenues of US$ 5.4 billion for the
first nine months of 2005, and total assets of US$ 12.1 billion as at September
30, 2005. Sistema's shares are listed under the symbol 'SSA' on the London Stock
Exchange, under the symbol 'AFKS' on the Russian Trading System (RTS), and under
the symbol 'SIST' on the Moscow Stock Exchange (MSE).
Some of the information in this press release may contain projections or other
forward-looking statements regarding future events or the future financial
performance of Sistema. You can identify forward looking statements by terms
such as 'expect,' 'believe,' 'anticipate,' 'estimate,' 'intend,' 'will,'
'could,' 'may' or 'might' the negative of such terms or other similar
expressions. We wish to caution you that these statements are only predictions
and that actual events or results may differ materially. We do not intend to
update these statements to reflect events and circumstances occurring after the
date hereof or to reflect the occurrence of unanticipated events. Many factors
could cause the actual results to differ materially from those contained in our
projections or forward-looking statements, including, among others, general
economic conditions, our competitive environment, risks associated with
operating in Russia, rapid technological and market change in our industries, as
well as many other risks specifically related to Sistema and its operations.
CONTACT: Sistema Investor Relations
Tel: +7 495 629 2741
Shared Value Limited
Tel. +44 (0) 20 7321 5023