| Moscow, Russia – 19 September, 2008 – Sistema (LSE: SSA), the largest public diversified corporation in Russia and the CIS, which manages fast growing companies operating in the consumer services sector, today announced the appointment of Sergey Savchenko as Chief Financial Officer of Shyam Telelink Ltd., a subsidiary of Sistema in India. Mr. Savchenko previously held the position of Deputy General Director at Aton, the Russian investment group.
Vsevolod Rozanov, President and CEO of Shyam Telelink, commented: “Sergey Savchenko is a well regarded professional in the telecommunications and finance sectors who has firsthand knowledge and experience of managing Sistema’s telecommunications assets. We are confident that his appointment as CFO of Shyam Telelink will help us to implement best practices of management and control, as well as to facilitate the development of Shyam Telelink.”
Mr. Savchenko served as Deputy General Director at Aton, the Russian investment group, from January 2008. From October 2004 to December 2007, he was First Vice President for Finance and Investments at CJSC “PSO Sistema Hals”. In 2004, Mr. Savchenko worked as Vice President at Moscow Bank for Reconstruction and Development. From 2002 to 2004, he held a number of executive positions at Sistema, including Vice President, Financial Director at Sistema and First Vice President for Finance and Investments at Sistema Telecom. From 1990 to 1998, Mr. Savchenko worked in the Moscow office of Bain & Company Inc., one of the leading international consulting companies. Sergey Savchenko holds a Masters degree in Economics from the Lomonosov Moscow State University and an MBA from the Duke University, Fuqua Business School in the United States.
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