Russian Digital Development Minister Shadayev elected as Rostelecom deputy board chairman - source

MOSCOW. Oct 3 (Interfax) - Russian Digital Development Minister Maksut Shadayev has been elected deputy chairman of the board of directors at Rostelecom , a source close to the board told Interfax.

"Shadayev has become deputy chairman of the board of directors," the source said.

The Rostelecom press service confirmed this.

Earlier, it was reported that Deputy Chairman of the Russian Security Council Dmitry Medvedev had been elected chairman of the board of directors, replacing Sergei Ivanov, the Russian president's special representative for environmental protection, ecology and transport.

Both Medvedev and Shadayev were elected to the board of directors of Rostelecom for the first time. Ivanov and Russian Deputy Prime Minister Dmitry Chernyshenko left the board.

The board was elected at Rostelecom's annual shareholders meeting on September 16. It also includes Rostelecom President Mikhail Oseyevsky, Director of the Talent and Success Foundation Elena Shmeleva, VTB CEO Andrei Kostin, Rossiya-1 General Director Anton Zlatopolsky, New Digital Solutions LLC Director Vadim Semenov, SOGAZ JSC Chairman of the Management Board Anton Ustinov, VEB.RF First Deputy Chairman Nikolay Tsekhomsky and VTB Strategy and Corporate Development Department Director Vladimir Levykin.

Rostelecom is Russia's largest telecom operator. The Federal Property Management Agency (Rosimuschestvo) owns 38.2% of the ordinary shares, VTB holds 8.44% of the shares, and Telecom Investments owns 20.98%, of which VTB holds 43.91% and the rest belong to the bank's investment partners in Tele2. VEB.RF holds a 3.36% stake, and 29.02% is in free float.