25 Jun 2010 17:55

VEB chief joins Kamaz board

NABEREZHNYE CHELNY. June 25 (Interfax) - Vnesheconombank (VEB) chairman Vladimir Dmitriyev was elected to the board of directors at Kamaz at the truck maker's AGM, an Interfax correspondent reports from the meeting.

Ilkka Seppo Salonen, an independent consultant, was also elected.

They replaced Richard Ogdon, managing director of the president's office at the Troika Dialog Investment Company, and independent consultant Terrence O'Rourke.

All other board members were reelected.

The shareholders voted to waive dividends on view if the net losses of 2.579 billion rubles to International Financial Reporting Standards (IFRS).

The company did not pay dividends for 2008 either, although it had profit of 1.065 billion rubles that year.

It is thought Sergei Chemezov, head of the state Russian Technologies (Rostekhnologii) corporation, will be elected board chairman when the board meets on July 27.