MegaFon promotes CFO to be head of operations

Alan Burkitt-Gray
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Vermishyan moves up to executive director and is replaced by head of planning Barunin

MegaFon has promoted CFO Gevork Vermishyan to become executive director.

In his new position, he will manage the company’s operations, control of implementation of its strategy, arrange of work at the company’s governing bodies and supervise its subsidiaries and affiliated entities.

“This appointment will make it possible for us to focus on implementation of the company’s strategy announced in May 2017 and to react more promptly to changes in the market,” commented chairman Vladimir Streshinsky. “Our CEO Sergey Soldatenkov proposed appointing Gevork Vermishyan as executive director and expressed confidence that he will successfully achieve the objectives that have been set for him.”

This decision is subject to approval by the extraordinary general shareholders meeting to be held on 30 November, said MegaFon.

Alexander Barunin will be appointed acting CFO of the Russian operator. He currently serves as head of planning, management reporting and financial control.

Vermishyan had been CFO since July 2011, a member of the management board since November 2011.

The move will allow Soldatenkov “to focus particular attention on execution of large-scale infrastructure projects, and on interaction with the government and major corporate clients, the number of which has risen significantly, as well as on important projects which are part of the country’s digital agenda, all of which are matters which require the personal attention of the CEO”, said MegaFon.

Soldatenkov said: “Today the market has moved to a stage in its development where any successful initiatives are quickly copied by competitors, and we are seeing competition not so much on services but rather on management models, which have impacts over the longer term and strongly influence the future success of the company.”