TGK-2 board eliminates 4 of 11 seats on management board
MOSCOW. Dec 12 (Interfax) - The board of directors of TGK-2 has reduced the number of seats on the management board to seven from 11, the genco said in materials.
The management board members who lost their seats are: Sintez executive director for strategic development Igor Andreev; Sintez chief executive Nicolay Bogachuk; and TGK2 deputy general directors Larisa Musatova and Kirill Trubitsyn.
The seven members who retained their seats on the management board are: chief executive Andrei Korolev; technical director Andrei Gribkov; property management department chief specialist Dmitry Dmitrienko; TGK-2 deputy heads Roman Zholtikov and Andrei Kopytov; Sintez deputy general director Vadim Ibadov; and TGK-2 first deputy general director Pyotr Zarubin.
"The reduction in the size of the board from 11 people to seven is a measure aimed at raising the effectiveness of this corporate management body and taken as part of a set of anti-crisis measures being carried out by the company," a TGK-2 spokesman told Interfax.
Korolev was appointed the general director of TGK-2 in October 2013. He previously headed the Sintez group.
The management shakeup follows criticism of the company by Prime Minister Dmitry Medvedev over its significant indebtedness for gas, which grew by 2.9 billion rubles since the beginning of the year, to 6.8 billion rubles, according to Gazprom data. Korolev said in an interview with Kommersant later that pieces of TGK-2 or the entire company might be sold off. Gazprom and State Grid Corporation of China are interested in the asset, he said.
The Sintez group, which is controlled by Leonid Lebedev, consolidated a majority stake in TGK-2 in 2008. Korolev said in the Kommersant interview that Sintez no longer controlled TGK-2. However, Prosperity Company, which owns about 27% of the genco, believes that Lebedev still controls TGK-2 via affiliated structures.
TGK-2 comprises generating facilities in six Russian regions: the Arkhangelsk, Vologda, Kostroma, Novgorod, Tver and Yaroslavl regions. Its combined installed electricity capacity is 2,583 MW, and heat capacity is 12,473 Gcal/h.
