8th Mar 2011 07:00
Sistema (LSE: SSA), the largest diversified public financial corporation in Russia and the CIS, today announced that its Board of Directors has appointed Mikhail Shamolin, the former President and CEO of Mobile TeleSystems (MTS), as President of Sistema. Leonid Melamed, who has been President of Sistema for three years, will continue to serve as a member of Sistema's Board of Directors and Chairman of Russneft.
Biographical Information
Mikhail Shamolin was born in 1970. Mr. Shamolin has served as President and CEO of MTS Group since May 2008. Mikhail Shamolin previously held the position of Vice President and Head of the "MTS Russia" business unit from August 2006. Mr. Shamolin joined MTS in July 2005 as Vice President for Sales and Customer Service, prior to which he worked at Interpipe Corp. (Ukraine) as Managing Director of the Ferroalloys Division from 2004 to 2005, and at McKinsey & Co from 1998 to 2004. Mikhail Shamolin graduated from the Russian Academy of Public Administration under the President of the Russian Federation in 1993, and completed a Finance & Management course at Wharton Business School in 1997.
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For further information, please visit www.sistema.com or contact:
| Investor Relations | Public Relations | |||||||
| Evgeniy Chuikov | Vsevolod Sementsov | |||||||
| Tel.: +7 (495) 692 1100 | Tel: +7 (495) 730 1705 | |||||||
Sistema is the largest diversified public financial corporation in Russia and the CIS, which invests in and is a major shareholder of companies serving over 100 million customers in the sectors of telecommunications, high technology, oil and energy, radars and aerospace, banking, retail, mass-media, tourism and healthcare services. Founded in 1993, the company reported revenues of US$ 7.3 billion for the third quarter of 2010, and total assets of US$ 42.0 billion as at September 30, 2010. Sistema's global depository receipts are listed under the symbol "SSA" on the London Stock Exchange. Sistema's ordinary shares are listed under the symbol "AFKS" on the RTS Stock Exchange, under the symbol "AFKC" on the MICEX Stock Exchange, 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.
This document does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any shares or other securities of JSFC Sistema and/or any of its subsidiaries and affiliated companies, nor shall any part of it nor the fact of its distribution form part of or be relied on in connection with any contract or investment decision relating thereto, nor does it constitute a recommendation regarding the shares or securities of JSFC Sistema and/or any of its subsidiaries and affiliated companies.
Copyright Business Wire 2011
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