OREANDA-NEWS. Mechel OAO (NYSE: MTL) announces appointment of Mr. Igor Zyuzin to the position of Chief Executive Officer. The Board of Directors of Mechel OAO appointed Mr. Igor Zyuzin, currently Chairman of the Board and core shareholder, to the position of CEO. In addition, the Board also elected Vladimir Iorich to replace Mr. Zyuzin as Chairman of the Board.

According to the press service of OJSC “Mechel”, Mr. Iorich is leaving his position as CEO of the company in accordance with the previously announced agreement between shareholders.

Igor V. Zyuzin has held the position of the Chairman of Mechel's Board of Directors since March 2003, when Mechel was initially registered.

Alexey Ivanushkin will continue to hold the position of Chief Operating Officer of the company.

The Board of Directors have also accepted the Corporate Governance Code and approved new editions of "Bylaw on the Audit Committee of the Board of Directors" and "Bylaw on Internal Audit". Moreover, they have agreed to hold a general shareholders meeting on February 1st, 2007. According to the agenda, the shareholders are to confirm the new editions of the Mechel OAO bylaws mentioned above, and to approve other decisions on operational activities.