OREANDA-NEWS. Igor Syry is appointed Chief Operating Officer of SCM. Yuriy Ryzhenkov takes the office of Metinvest Holding CEO.

On 24 December 2013 SCM is introducing a new position of Chief Operating Officer to be taken by Igor Syry, who previously acted as CEO of Metinvest Holding, SCM Group's mining and steel business.

Yuriy Ryzhenkov, a former Chief Operating Officer at SCM Group's energy holding DTEK, is going to replace Mr Syry as CEO of Metinvest Holding.

“Finding and realizing internal synergies between the Group's businesses is a key objective for SCM. It will ensure efficiency of both individual companies and the entire Group. To address the objective, SCM is introducing a new position of Chief Operating Officer. We believe that Igor Syry is the best candidate for the job as he has a deep knowledge of SCM's business and corporate governance system,” said SCM's CEO Oleg Popov commenting on the appointment. “A DTEK's officer Yuriy Ryzhenkov who has shown excellent performance as a strong manager and a talented leader, is taking the position of Metinvest's CEO. His appointment is the best evidence of our years-long work to establish a succession pool”.

Igor Syry commented on his appointment: “I am thankful to Metinvest's shareholders for the opportunity to be at the origins of Metinvest that has by right evolved into a leading player in the European and global steel industry over its 7.5 years in business. During this period we succeeded in building both a strong business and one of the best teams in the market. Therefore, I am “handing over” the management of Metinvest to Yuriy Ryzhenkov without any concern. I believe his experience and a “fresh perspective” combined with the professionalism of Metinvest's team will make Metinvest stronger and more efficient. I also hope that my expertise will help to address bigger and more interesting objectives faced by the entire SCM Group.