MMK JSC general shareholder meeting to consider transfer of authority to MMK Managing Company Ltd. on May 26, 2006

21 March 2006 (09:54)

The general shareholder meeting to be held by Metallurgical Company of Magnitogorsk on May 26 will be devoted to the issue of transferring the authority of the sole executive body, now vested with General Director, to MMK Managing Company Ltd., reports the company’s spokesperson.

The Managinc Company’s capital is fully owned by the Metallurgical Company; Viktor Rashnikov, current Chairman, is to become President.

‘This decision is one of the steps in the Management Efficiency Enhancement Program. The Group now comprises over 60 enterprises plus the in-plant, it’s still being integrated, so it’s vital to have good management and organizational structure,’ the spokesperson says.

The Managing Company might even become the executive body for the other Group members.

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