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. Last Updated: 07/27/2016

Sistema Elects CEO, Owner Steps Aside

VedomostiAlexander Goncharuk
Sistema's board approved Alexander Goncharuk as chief executive officer after Vladimir Yevtushenkov, the company's billionaire owner, stepped aside to become board chairman.

The board approved the changes Saturday, Sergei Filippov, head of Sistema's press service, said Sunday in a phone interview.

Yevtushenkov, the founder and majority owner of Sistema, took up the CEO mantle one month before the company's Feb. 9, 2005, initial public offering of shares, which raised $1.55 billion in Russia's biggest-ever IPO.

The Moscow-based holding owns more than 50 percent of Mobile TeleSystems, eastern Europe's biggest cellular phone operator by subscribers. Telecommunications, including Mobile TeleSystems and Comstar United Telesystems, a fixed-line operator that raised $1.06 billion last month in an IPO, account for about three-quarters of Sistema's revenue.

Goncharuk comes from Sitronics, Sistema's technology arm, where he has served as CEO since 2003. Sistema's board also recommended Yevgeny Utkin, CEO of Kvazar-Micro, as the new CEO of Sitronics.

Sistema also created the position of vice president for innovation and science and appointed Denis Muratov to that post.