Amtel-Vredestein Adds Petr Zolotarev to Executive Board

Amtel-Vredestein N.V. had confirmed that it has nominated Russian Machines CEO and Gaz Group Chairman Petr Zolotarev to its Executive Board. Acting Vice-President at Yukos Refining and Marketing, Vadim Pesochinsky, was also nominated to the Executive Board. Both appointments are to be effective July 1st, once they are approved at the company’s Annual General Meeting of Shareholders (AGM) scheduled for 30 June in Amsterdam.

Zolotarev is expected to succeed Alexei Gurin as head of the Company. Gurin, who joined the Company in 2001 and rose to the post of CEO in 2004, plans to leave the Group to pursue new opportunities as soon as the terms of his resignation are concluded — which is expected to be at the time of the Company’s AGM.

“Although the management may be changing, the company will continue to adhere to its current strategies, including its current funding effort and particularly the launch of its debut Eurobond,” said Sudhir Gupta, Amtel-Vredestein shareholder and Chairman of its Supervisory Board, who spearheaded the search for a new head of the Company.

“Mr. Zolotarev is a distinguished business leader and an experienced chief executive. The Amtel-Vredestein Supervisory Board is completely confident in his ability to steward the company as it continues to execute its strategy, and bring tremendous value to our shareholders,” said Gupta.

“Mr. Gurin has accomplished his mission. He led the company through several critical acquisitions, including Vredestein Banden and the Moscow Tyre Plant, as well as the Company’s listing on the London Stock Exchange. Recently the Company announced that it has begun testing tyres at the new factory at its Voronezh tyre complex, which will become fully operational later this year — the last major step in the company’s transformation to a modern production platform. We respect Mr. Gurin’s desire to move on upon completion of this key milestone, and appreciate his willingness to support the company through the transition to new management,” said Gupta.