Uralmashzavod re-elects BOD Chairman

12 August 2014 (13:04)

August 12, 2014. Uralmashzavod Board of Directors decided to re-elect Ian Tsenter as the BOD Chairman of the plant, the issuer’s official report says.

First Vice President of Gazprombank, Ian Tsenter was elected for the position in December 2013 after Igor Molibog’s authority was terminated. It was at the same time when Andrei Saltanov resigned as the plant’s Director-General and was succeeded by Executive Director of Izhorskiye Zavody (a member enterprise of United Machine-Building Corporation) Alexander Sharapov.

Following the BOD’s decision, a provision on Uralmashzavod’s Director-General’s bonuses was also approved. The bonuses are paid for meeting the key performance indicators; neither the size of the bonus nor the KPI have been disclosed to the public.

According to the company’s latest report, Uralmashzavod’s revenues amounted to 1,307,178,000 RUR in the first quarter of 2014, which was 17% less than in Q’1 13. The company’s net loss came to 397.805m RUR.

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