VimpelCom Announces Top Management Transition on April 2, 2009
Monday , March 02, 2009 03:23ET
MOSCOW and NEW YORK, March 2 /PRNewswire-FirstCall/ -- Open Joint Stock Company "Vimpel-Communications" ("VimpelCom" or the "Company") (NYSE: VIP), the leading provider of telecommunications services in Russia and the Commonwealth of Independent States (CIS), announced today plans for Alexander Izosimov, CEO and General Director of VimpelCom, to step down on April 2, 2009. The Board also announced that Boris Nemsic will become the CEO of VimpelCom and Alexander Torbakhov will become the General Director of VimpelCom on April 2, 2009.
Boris Nemsic currently serves as CEO of Telecom Austria Group, Austria's telecoms market leader in mobile and fixed telecommunications with operations in eight countries.
Alexander Torbakhov currently serves as General Director of Rosgosstrakh Life Insurance Company. Rosgosstrakh Insurance is Russia's largest insurance company.
Alexei Reznikovich, Chairman of VimpelCom said, "At a time of challenge and opportunity globally and in Russia, we are very enthusiastic about the new appointments of Boris Nemsic and Alexander Torbakhov. Together they bring great experience in world class telecoms and Russian executive management." Further, he said, "I would also like to thank Alexander Izosimov for his five years of service and great contributions to the development and operational success of the Company."
Boris Nemsic said, "It is an honor to join VimpelCom, a company with an extraordinary history and powerful "Beeline" brand. Together with Alexander Torbakhov, we look forward to leading VimpelCom to new heights."
Alexander Torbakhov said, "I am proud to join such a wonderful company. Russia presents many opportunities and I am confident that we will find and develop them in order to make VimpelCom an even greater company."
The Board has asked Alexander Izosimov to remain with the Company in a non-executive role as part of the management transition.
The VimpelCom Group consists of telecommunications operators providing voice and data services through a range of wireless, fixed and broadband technologies. The Group includes companies operating in Russia, Kazakhstan, Ukraine, Uzbekistan, Tajikistan, Georgia and Armenia, as well as in Vietnam and Cambodia. The VimpelCom Group has licenses to operate in territories with a total population of about 340 million. The Group companies provide services under the "Beeline" brand. VimpelCom was the first Russian company to list its shares on the New York Stock Exchange ("NYSE"). VimpelCom's ADRs are listed on the NYSE under the symbol "VIP".
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