Former ChTPZ executive Dmitry Muz becomes new CFO of Segezha

MOSCOW. Aug 25 (Interfax) - The forestry holding Segezha Group , which is actively working to reduce its debt burden, has changed its vice president for finance and investments.

Dmitry Muz, who previously worked at JSC Chelyabinsk Pipe Rolling Plant (ChTPZ) and was responsible for corporate finances, has become the group's new CFO.

In the position of CFO, Muz will "focus on addressing issues related to the transforming financial policy, as well as implementing projects to optimize cash flows," the company's press service said. Prior to Segezha and besides ChTPZ, Muz worked at the Kazakh metallurgical company Qarmet, the corporation VSMPO-AVISMA and Uralkali .

Segezha's previous vice president for finance and investments, Anton Rozhkov, joined the company less than a year and a half ago, in April 2024. His appointment was in line with the traditional personnel rotation within the corporation for Segezha's controlling shareholder - AFK Sistema . Before the forestry holding, Rozhkov worked in the position of executive director of AFK for corporate finances.

"Rozhkov, after successfully completing several projects that significantly strengthened the financial stability of the business, will continue his activities outside the perimeter of Segezha Group," the holding said.

Shortly before Rozhkov's departure from Segezha, the company changed its president. In June, Kirill Arsentyev, formerly of the Kama Pulp and Paper Mill (Kama) owned by Sveza Group, replaced Alexander Kreshchenko, who had also been working at Segezha since 2024.

Under Kreshchenko and Rozhkov, Segezha conducted a secondary share issuance this year through a closed subscription in favor of the main shareholder and creditors to reduce the debt burden formed in the pre-sanctions period. At the end of 2024, the holding's net debt was 147.9 billion rubles, with a net debt to LTM OIBDA ratio of 14.8x. The placement was completed in June, and the company raised 113 billion rubles, entirely directed towards reducing debt obligations. After the secondary offering, the company's financial debt fell 66% to approximately 60 billion rubles.