SUEK announces changes in corporate governance structure

18 May 2020

In line with the plan of gradual transformation of SUEK’s governance structure, Vladimir Rashevsky, who has been the Company’s CEO since 2004, will step down as CEO. Meanwhile, Vladimir will remain on the Board of Directors of SUEK and will join the Board of Directors of Eurochem.

At this stage of the Company’s development SUEK will be headed by Stepan Solzhenitsyn, who will also maintain his position as CEO of SGC, the Group’s Energy Segment. These decisions reflect the recent significant growth in SUEK’s scale of operations and its transformation into a diversified holding including logistics and power generating assets in addition to coal production. The changes in the governance structure aim to further strengthen the Company’s market position and consistent growth in operational efficiency, as well as driving maximum synergies within SUEK and between SUEK and Eurochem.

“We are deeply grateful to Vladimir Rashevsky who has led the team which over the past 15 years has built SUEK as one of the largest and most successful coal companies of the world,” said Alexander Landia, Chairman of the Board of Directors. “SUEK is recognised as a leading company of the Russian energy sector, with a secure vertically integrated value chain from the deposit to the final customers, both Russian and international”. Andrey Melnichenko added, “I thank Vladimir for many years of partnership in SUEK and I am glad to develop our cooperation both within SUEK and in future in Eurochem”.

Vladimir Rashevsky commented, “I would like to express my deepest regard for SUEK’s team, our 70,000 employees for your contribution to the high results that our Company has reached. SUEK now is one of the leading Russian companies and plays a major role in the development of many Russian regions. And we will continue to invest in the development of our assets, introduction of state-of-the-art technologies, large-scape environmental projects and support for the regions where we operate”.

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