Evraz Group announces changes in top management
Luxembourg, November 25, 2005 — Evraz Group S. A. (LSE: EVR), one of the leading vertically integrated steel production and mining businesses with operations mainly in Russia, announces that the Company's Board of Directors has approved several changes to the Company's top management as part of the Company's strategy to become more efficient and reflecting the present status of the Company that demands full commitment from its management.
On January 1, 2006, Mr. Alexander Abramov will leave his position as the Company's Chief Executive Officer. The Board has decided to recommend that the shareholders' meeting appoint Mr. Valery Khoroshkovsky, Managing Director Operations, as the new CEO of the Company with effect from January 1, 2006.
The Board believes that Mr. Khoroshkovsky is well positioned to carry out this role. He joined Evraz in 2004 after having served in a number of key positions in the Ukrainian government, including being Minister of Economics of Ukraine, and in entrepreneurial and management roles in various resourc? industries.
The Board has also elected Mr. Alexander Frolov as the new Chairman of the Board, effective May 1, 2006, replacing Mr. Alexander Abramov, who will remain a member of the Company's Board with no executive responsibilities.
The Board is confident that Messrs. Khoroshkovsky and Frolov are well-qualified to lead the management team and to ensure the Company’s continued growth due to their background as well as present involvement with the Company's day-to-day business. Mr. Abramov remains highly committed to further development of Evraz Group and creation of shareholder value.
Commenting on the Board's decisions, Mr. Abramov said, «As a large shareholder, I am excited about the progress Evraz has made. Now that it has become a public company, the separation of the roles of chief executive officer and of chairman should enhance corporate governance. I am confident that Evraz will be in good hands under the leadership of these two exceptional individuals, with whom I have worked closely over the last few years».
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