EMAlliance top management completely replaced due to Power Machines acquisition
MOSCOW. Feb 14 (Interfax) - Auburn Investments Limited, whose main beneficiary is entrepreneur Yevgeny Tugolukov, has completely replaced the top management of OJSC EnergoMashinostroitelny Alliance (EMAlliance) by selling the company to OJSC Power Machines , EMAlliance said in a press release.
The decision to reelect the board of directors, the management board and the general director was made in accordance with an agreement between the two sides.
As a result of the decision, the board is now exclusively made up of Power Machines representatives - general director Igor Kostin (elected chairman), deputy general director and sales director Alexei Barvinok, economics and financial director Vadim Chechnev, director of strategic development and controlling Alexander Rantsev, director of legal affairs Nikolai Tarakanov, personnel director Maxim Rumyantsev and head of public relations and marketing Maria Aleeva.
EMAlliance's board of directors was previously made up of EMAlliance representatives.
Under the agreement, a new general director, Sergei Toropov, was approved by the board. He had chaired the management board and has been elected to the new one.
Besides Toropov, other new management board members include deputy general director for personnel at OJSC Kaluga Turbine Works Alexei Zemtsov and five Power Machines representatives: procurement director Yury Kolesnikov, deputy general director and technical director Yury Petrenya, deputy director for business support Yevgeny Pishchikov, head of the directorate of legal affairs Roman Serikov and economics and financial director Vadim Chechnev.
The new appointments will enter into force on February 15, the press release said.
As reported, Power Machines and Auburn Investments have finalized a deal on selling 100% of EMAlliance.
At the same time, Power Machines' general director Kostin told a Tuesday briefing dedicated to the deal's closing that the new shareholder as a whole does not plan to make any significant personnel changes at EMAlliance.
Asked whether he plans to stay with the company, EMAlliance President Timur Adveenko told journalists that "if the company [EMAlliance] will focus on development in the context of the strategy that we set for it, being the owner, and if Power Machines as a new shareholder finds it possible to use my management abilities, it could happen that I continue my work."
"However, that question is already up to the new shareholder," Adveenko added.
Power Machines produces and supplies equipment for hydro-electric power plants, combined heat and power plants, nuclear power plants and combined-cycle power plants. Its production facilities are located in the Leningrad and Pskov regions, St. Petersburg and Kaluga.
Alexei Mordashov's Highstat Ltd owns 95.3% of Power Machines.
EMAlliance produces and repairs boiler equipment for heat and power stations. It owns 77.33% of OJSC Taganrog Boiler-Making Works Krasny Kotelshchik and 100% of shares in Dguro Dgakovic, which produces boilers and heat exchange equipment. The company has branches in Taganrog, Podolsk, Barnaul and Ivanovo.
