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LSR Group

July 2, 2010

The Board of Directors of LSR Group elects its Chairman, Executive Committee and President

On 1 July 2010, the Board of Directors (hereafter the “Board” or “BoD”), elected by the Annual General Meeting of Shareholders of OJSC LSR Group on 30 June 2010, was held for the first time, and elected its Chairman, members and chairmen of the committees, members of the Executive Committee and also a President of LSR Group.

The Board of Directors elected Igor Levit as a Chairman of the Board of Directors, and also the members of the Board committees as follows:

Audit Committee:
- Sergey Skaterschikov, Independent Non-Executive Director - Chairman.
- Kirill Androsov, Independent Non-Executive Director.
- Vladislav Inozemtsev, Independent Non-Executive Director.
- Igor Levit, Chairman of the Board of Directors.
- Elena Tumanova, Chief Financial Officer of LSR Group.

Human Resources and Compensations Committee:
- Sergey Skaterschikov, Independent Non-Executive Director - Chairman.
- Dmitri Goncharov, Managing Director of LSR Europe GmbH (a subsidiary of LSR Group).
- Olga Sheikina, Head of LSR Group Moscow Office.

Strategy and Investments Committee:
- Igor Levit -  Chairman.
- Kirill Androsov, Independent Non-Executive Director.
- Vladislav Inozemtsev, Independent Non-Executive Director.
- Sergey Skaterschikov, Independent Non-Executive Director.
- Mikhail Romanov, Managing Director of LSR Group.

The Board of Directors has unanimously elected Aleksandr Vakhmistrov, recommended by Igor Levit, as a President of LSR Group.

The Board of Directors has also approved a number of members of the Executive Committee of LSR Group, (9 members), and elected its members:
1. Aleksandr Vakhmistrov, President of LSR Group - Chairman
2. Igor Levit, Chairman of the Board of Directors.
3. Georgy Vedernikov, Managing Director of Building Materials, Aggregates and Construction Services of LSR Group.
4. Evgeny Yatsyshin, Managing Director of Real Estate Developent, Construction and Commercial Real Estate.
5. Elena Tumanova, Chief Financial Officer, member of the Board of Directors
6. Georgy Bogachev, Head of Elite Real Estate
7. Vladimir Chernyaev, Head of Construction.
8.  Alexey Yushkov, Head of Sand Business Unit
9. Andrey Vedernikov, Head of Ready-Mix and Reinforced Concrete Business Unit.

Igor Levit, Chairman of the Board of Directors, commented:
“The current scale of LSR Group’s business, both in terms of the number of business lines and geographical operations, requires to introduce additional layers of corporate governance, aimed at more effective management, increased transparency and enhanced control of our business operations.  I believe that introduction of the Executive Committee into the corporate governance system of LSR Group, especially considering long-term experience of its members in the construction industry, as well as election of Aleksander Vakhmistrov, possessing broad managerial experience and profound knowledge of the industry, as a President of LSR Group, will allow the company to succeed in this initiative. On the other hand, my managerial and professional skills together with knowledge of the internal procedures will help me as a Chairman of the Board of Directors not only to improve the company’s strategy but also to control its execution. I believe that as a result of  these changes LSR Group will be able to achieve the new level of its successful development”.

Aleksandr Vakhmistrov, President of LSR Group, commented:
“ I would like to thank the Board of Directors of LSR Group for their support. I am very interested in leading such a company as LSR Group. I especially value the opportunity to use my long-term managerial and professional experience in the large scale business and to be a part of the strong management team. I see LSR Group as a well-organized and well-positioned company. It is in fact the biggest construction company in St. Petersburg and one of the biggest in Russia. It is constantly growing, implementing a number of strategically important projects for the construction industry, improving its management systems. I am certainly attracted by an opportunity to take part in its further development and growth.  In addition I am sure that my experience with government authorities will add to the company’s success”.

 

 

 

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