VEON shareholders confirm new board, downsized to seven directors

MOSCOW. June 29 (Interfax) - The VEON telecommunications holding's shareholders elected a new board of directors, downsized from 11 to seven members, at their annual general meeting, an Interfax correspondent reports from the meeting, held by video-conference.

Kaan Terzioglu, CEO of VEON Group, is new to the board. The other six directors were reelected: VEON cofounder Augie Fabela; former CEO of Malaysian telecoms company Digi.Com Morten Lundal; Yaroslav Glazunov, senior advisor at LetterOne; former head legal consultant at Sanofi Karen Linehan; a senior partner at LetterOne Technology (UK) LLP Andrei Gusev; and Michiel Soeting, a former top manager at KPMG.

The company has said that a smaller board will be best suited for the new VEON following the sale of its Russian operator VimpelCom to its managers - the deal was to have closed in June, but the timeline is now during 2023.

VEON's largest shareholder is LetterOne, part of Alfa Group of Mikhail Fridman and partners, with 47.9%. The company's free float on the Nasdaq is 43.8%, and another 8.3% is under the management of a Dutch stichting trust.