OREANDA-NEWS. December 30, 2011. OMZ held its extraordinary general meeting.

The shareholders meeting appointed the Group’s Board of Directors:

Dmitry Zauers

Farid Kantserov

Vadim Makhov

Igor Molibog

Alexander Muranov

Famil Kamil Sadygov

Arkadiy Samokhvalov

Igor Timofeev

On December 9, 2011, the first meeting of the newly elected Board of Directors of OMZ appointed Vadim Makhov its Chairman. The Group’s Board of Directors appointed Igor Molibog Chief Execitive Officer.

OMZ’s shareholders generally endorsed the company’s 2015 development strategy, including the designated sources of strategic growth - increasing competitiveness and profitability of product sales, further modernization of production capacities, improvement of basic management and innovation. To achieve these objectives shareholders made the decision to separate the functions of strategic and operational lines of the Group’s business. For this purpose they introduced the new appointment - President of OMZ. Chairman of the Board of Directors of OAO OMZ Vadim Makhov was appointed President of the Group.

Commenting on the decision of the Board of Directors and the new appointments, Vadim Makhov said: “We are pleased that Igor Molibog accepted the offer of the Board of Directors to lead the Group. Igor Molibog as Chief Execitive Officer of OJSC OMZ will deal with operational management of the holding, including the improvement of its structure, reduction of transaction costs, corporate governance and development of innovative products. I, as President of the company will focus on strategic issues of its development”.

Igor Molibog works in OMZ since November 2011 as Deputy General Director.

Igor Molibog was born in Moscow in 1976. In 1999 he graduated from Moscow State University, receiving a bachelor's degree in 1997 and then in 1999 a Master of Economics.

Starting his career at PriceWaterhouseCoopers in 1996 - 2003 Igor Molibog advised largest oil and mining companies, including questions of restructuring.

Igor Molibog received considerable practical experience while working at Severstal Group from 2003 to 2010, working as an Executive Director of the European steel group Lucchini, and working in 2010 - 2011 as a member of the Board of OJSC OGK-5, which enters Enel Group.

OMZ Group is one of the leading heavy industry companies specializing in engineering, production, sales and service support of equipment for nuclear, oil and gas, mining industries, as well as special steel production and industrial services. OMZ Group’s facilities are located in Russia and Czech Republic. The Group is controlled by Gazprombank.