18th May 2009 16:15
RON SOMMER TAKES THE LEAD OF SISTEMA TELECOMMUNICATIONS AND MEDIA BUSINESS
Sistema (LSE: SSA), the largest diversified public financial corporation in Russia and the CIS, which manages large companies operating in different industries, today announced the appointment of Ron Sommer, member of the Board of Directors of Sistema, as the First Vice President of Sistema and Head of its Telecommunications business unit. Mr. Sommer's appointment is expected to be confirmed at the next meeting of the Board of Directors.
Vladimir Evtushenkov, Chairman of the Board of Directors at Sistema, commented: "I have known Ron Sommer since he worked at Deutsche Telekom and view him as one of the most experienced and outstanding managers in the telecommunications industry today. His excellent performance as a member of the International Advisory Board of Sistema, as well as an independent director of the corporation with the oversight of the development of telecommunications group's strategy, has contributed to the growth of our telecommunications business from a start up into a global operator. In particular, I am grateful for his role in developing MTS into a leading mobile operator in Eastern Europe. I am convinced that under the leadership of Ron Sommer Sistema's telecommunications and media business will achieve a new, significantly higher level of development and realise its full potential as a global telecom operator."
Leonid Melamed, President and Chief Executive Officer of Sistema, added: "I am confident that Ron Sommer will further develop Sistema's telecommunications business into the most efficient and customer oriented operator with an innovative platform of convergent services and advance Sistema's position as a global telecom services provider."
Ron Sommer commented: "I am honored to be appointed as the First Vice President of Sistema and Head of telecommunications and media business, and excited by the great potential of the Group's telecom portfolio. I look forward to working more closely with Sistema's highly accomplished management team."
The telecommunications and media companies of Sistema serve over 90 million customers in 7 countries. Sistema's telecommunications and media portfolio includes MTS, the leading mobile operator in Russia and the CIS; Comstar-UTS, the largest alternative fixed line operator in Russia; Sistema Shyam Teleservices Ltd., the fast growing pan-Indian mobile operator; and Sistema Mass Media, one of the leading media content providers in Russia.
Biography:
Ron Sommer was born in 1949. In 2005 he was elected to the Board of Directors at Sistema as an independent director. Since 2003 he worked as Chairman of the International Advisory Board at Sistema. Between May 1995 and July 2002, he was CEO of Deutsche Telekom AG. From 1980 to 1995, Ron Sommer held a number of positions with Sony Corporation, including as CEO of Sony Deutschland, COO of Sony Corporation of America and COO of Sony Europe. Ron Sommer received his PhD degree in mathematics from the University of Vienna.
Ron Sommer is a member of the Board of Directors of Motorola, Tata Consultancy Services, Weather Investments, Munich Reinsurance and a member of the International Advisory Board of Blackstone Group.
***
For further information, please visit www.sistema.com or contact:
| Sistema Investor Relations | Shared Value Limited | |||
| Pavel Kim | Larisa Kogut-Millings | |||
| Tel: +7 495 692 22 88 | Tel: +44 (0) 20 7321 5010 | |||
Sistema is the largest public diversified financial corporation in Russia and the CIS, which manages companies serving over 100 million customers in the sectors of telecommunications, high-tech, oil and energy, radio and aerospace, banking, real estate, retail, mass-media, tourism and healthcare services. Founded in 1993, the company reported revenues of US$ 16.7 billion for the full year of 2008, and total assets of US$ 29.2 billion as at December 31, 2008. Sistema's shares are listed under the symbol "SSA" on the London Stock Exchange, under the symbol "AFKS" on the Russian Trading System (RTS), under the symbol "AFKC" on the Moscow Interbank Currency Exchange (MICEX), and under the symbol "SIST" on the Moscow Stock Exchange (MSE).
Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of Sistema. You can identify forward looking statements by terms such as "expect," "believe," "anticipate," "estimate," "intend," "will," "could," "may" or "might" the negative of such terms or other similar expressions. We wish to caution you that these statements are only predictions and that actual events or results may differ materially. In addition, there is no assurance that the new contracts entered into by our subsidiaries referenced above will be completed on the terms contained therein or at all. We do not intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in our projections or forward-looking statements, including, among others, general economic conditions, our competitive environment, risks associated with operating in Russia, rapid technological and market change in our industries, as well as many other risks specifically related to Sistema and its operations.
Copyright Business Wire 2009
Related Shares:
SSA.L