The Executive Director’s responsibilities will include the management of the Company’s operations, control of implementation of the Company’s strategy, arrangement of work of the Company’s collegial governing bodies and supervision of subsidiaries and affiliated entities of MegaFon.
“This appointment will make it possible for us to focus on implementation of the Company’s strategy announced in May 2017 and to react more promptly to changes in the market,” commented Mr. Streshinsky, Chairman of the Board of Directors at MegaFon. “Our CEO Sergey Soldatenkov proposed appointing Gevork Vermishyan as Executive Director and expressed confidence that he will successfully achieve the objectives that have been set for him. This in turn will allow the CEO to focus particular attention on execution of large-scale infrastructure projects, and on interaction with the government and major corporate clients, the number of which has risen significantly, as well as on important projects which are part of the country’s digital agenda, all of which are matters which require the personal attention of the CEO.”
“Today the market has moved to a stage in its development where any successful initiatives are quickly copied by competitors, and we are seeing competition not so much on services but rather on management models, which have impacts over the longer term and strongly influence the future success of the Company. I am convinced that the decision taken by the Board of Directors will make it possible to ensure MegaFon’s strategic advantage in the future and that Gevork Vermishyan’s experience and energy will allow us to demonstrate excellent results right away,” commented MegaFon CEO Sergey Soldatenkov.
Mr. Alexander Barunin will be appointed acting CFO of MegaFon. He currently serves as Head of Planning, Management Reporting and Financial Control.
Notes for editors:
Gevork Vermishyan — Chief Financial Officer since July 2011, a Member of the Management Board since November 2011, and a member of the Board of Directors of CJSC TT mobile, CJSC OSTELECOM and CJSC Aquafon-GSM. From 2002 to 2007, he held several positions at OJSC LUKOIL, progressing from analyst to Deputy Head of the Corporate Borrowing Department. From 2007 to July 2011, he was Director of Corporate Finance / Head of Corporate Debt at Sistema JSFC. Gevork Vermishyan graduated from the International Economic Relations Department at the Financial University under the Government of the Russian Federation.
Alexander Barunin — Head of Planning, Management Reporting and Financial Control since 2007, and a member of the Board of Directors of CJSC TT mobile, CJSC OSTELECOM and CJSC Aquafon-GSM. From 2000 to 2007, he was Director of Corporate Finance and later First Deputy General Director at OJSC Telecominvest. Alexander Barunin graduated from the State Maritime Academy named after Makarov, and holds an MBA degree from Duke University, U.S.A.
For More Information:
|Investors: Dmitry Kononov
Director for Investor Relations and M&A
|Tel: +7 926 200 firstname.lastname@example.org|
|Media: Yulia Dorokhina
Head of Media Relations
|Tel: +7 926 200 email@example.com|
Notes to Editors
MegaFon PJSC is a leading Russian integrated telecommunication service provider, operating in all segments of the telecommunications markets in Russia, and in the Republics of Abkhazia, South Ossetia and Tajikistan. MegaFon is a recognized market leader in the provision of mobile data services, was the first operator in Russia to launch commercial operation of a third generation (3G) network and was the first operator in the world to launch commercial operation of an LTE-Advanced (4G) data network. MegaFon is traded on the Moscow Exchange and the London Stock Exchange under the symbol MFON. Additional information about MegaFon and the products and services provided by MegaFon can be found at: http://www.megafon.ru.
Cautionary Statement Regarding Forward Looking Statements
Some of the information in this document may contain or refer to projections or other forward-looking statements regarding future events or the future financial performance of the Company. You can identify forward looking statements by terms such as “expect”, “believe”, “anticipate”, “estimate”, “forecast”, “intend”, “will”, “could”, “may”, or “might” the negative of such terms or other similar expressions. The Company wishes to caution you that these statements are only predictions, and are based upon various assumptions which are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control. We may not achieve or accomplish these plans or predictions. The Company does not necessarily 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 projections or forward-looking statements of the Company, including, among others, general economic conditions, the competitive environment, risks associated with operating in Russia, rapid technological and market change in the industries in which the Company operates, as well as many other risks specifically related to the Company and its business and operations.
Statement Regarding Inside Information
Some of the information in this document may be inside information. The subject matter, the identity of the issuer, the identity of the persons making the notification and their titles, and the date and time of the notification are all as set forth above.
The company increased its service revenue, OIBDA and net profit in spite of plummeting roaming and retail revenues.