1 Feb 2018 13:40

Mordashov reelected board chairman at Power Machines

ST. PETERSBURG. Feb 1 (Interfax) - Alexei Mordashov has been reelected chairman of the board of directors of PJSC Power Machines , the company reported.

Mordashov was reelected at a board meeting held on January 29.

He has been the board chairman of Power Machines since 2007.

Shareholders elected a new board of directors at an extraordinary meeting on December 8, 2017. Power Machines CEO Yury Petrenya was the lone newcomer to the board, taking the seat previously held by his predecessor in the top job, Roman Filippov. Aside from Mordashov and Petrenya, the other four seats on the board went to Alexei Egorov, Andrei Laptev, Vladimir Lukin and Roman Vasilkov, all of whom served on the previous board.

Power Machines manufactures equipment for hydropower, thermal power and nuclear power plants, as well as steam-gas turbine combined cycle power plants. Mordashov's Cyprus-registered Highstat Ltd owns virtually all shares (99.9999999885175%) and Mordashov is the outright owner of all remaining shares in the company (0.0000000114825%).