OREANDA-NEWS. February 03, 2011. The Supervisory Board of Farlep-Invest (the managing company of Vega Telecommunications Group) recommended the shareholders to appoint Mr Lasha Mikava Chief Executive Officer of the company.

Mr Aleksandr Shamray, Farlep-Invest CFO, will be an acting CEO until the Farlep-Invest Shareholders Meeting approves the respective decision and Mr Mikava obtains all required permits.

Yuriy Chuikov, former Farlep-Invest CEO, leaves the company on 31 January 2011 upon early termination of his employment contract as agreed by the parties.

"Over the past years Vega had a noticeable progress, including the network expansion and modernization, improved quality of services, integration and process streamlining," stated Ilya Arkhipov, SCM Director of Business Development and a Farlep-Invest Supervisory Board member. "But it is not enough now, especially amid tight competition and a rapid growth of the broadband access market. For this reason we are happy that Lasha Mikava has joined Vega. His priority objectives will include improvement in sales system quality and company's efficiency as well as implementation of the new growth strategy.  I'm confident that with his knowledge and expertise Lasha Mikava will meet those objectives effectively, especially given the fact that Lasha worked for Vega in the past as the CFO and then the Regional Director of its largest affiliate. So, he knows the business very well."

Making comments on his appointment Mr Mikava said: "I am grateful to SCM for the confidence and really pleased to chair the company. Today our objective is to strengthen Vega's market position. I'm sure that my expertise and Vega's professional team will help us to achieve high performance."

The Supervisory Board thanked Mr Chuikov for his contribution to Vega's development and good performance, underlining that he had met all his objectives and laid the platform for the company's future development.