OREANDA-NEWS. On 6 February 2008 was announced, that the Board of Directors of JSC OGK-5 and Director General of OGK-5, Mr. Anatoly Bushin, came to the mutual agreement on the termination his labor relations with the company. Mr Bushin will step down from his role of Director General in JSC OGK 5 from March, 31 2008.

The Chairman of Board of Directors of JSC OGK-5, Mr. Eldar Orudzhev, commenting this resolution of the Parties, said: “When establishing the company in 2004 the management of RAO UES gave to the management of OGK-5 a list of specific tasks to be completed. Today we can proudly say that these complicated and non-ordinary goals have been completely achieved by the management. OGK-5 has become the first private company in the Russian power sector, “blue chip” of the Russian exchange market with the capitalization of more than US$ 6 billion. The company has elaborated a large-scale investment programme, attracted the necessary funds for its implementation. We are grateful to the management of the company for the work they have done and wish that this created base will result in the company’s success related to its further development.

Director General of JSC OGK-5, Mr. Anatoly Bushin, noticed that OGK-5 starts a principally new stage of development. “We set up the company from scratch. Today we have achieved our goals. At this moment we created a modern system of corporate governance, as well as fully developed all the needed infrastructure to allow the Company to work in new market conditions, we created a professional team of employees and managers. It was a complicated and interesting project that we managed to implement having fully achieved the planned goals. I am proud of what our company managed to achieve and I am sure that the new strategic shareholder of JSC OGK-5 acquired not just one of the companies but the company with the worthy base for its further successful development in the Russian power market” – he said.