Install

Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

PIK and Nafta-Moskva Swap Executives

Anna Kolonchina, financial director and vice president of PIK Group, will leave her post on Feb. 8 to be replaced by the managing director of Nafta-Moskva, Andrei Rodionov, several sources close to the company’s shareholders said.

Kolonchina will take up the position of managing director at Suleiman Kerimov’s Nafta-Moskva after exactly a year at PIK working directly on restructuring the group’s debt portfolio. A year ago PIK was on the verge of bankruptcy: in April 2009 its debts stood at 44.8 billion rubles ($1.5 billion) and apartment sales had fallen by 90 percent. In spring 2009 Nafta-Moskva was brought on board to help with debt reconstruction. PIK recently reported that this process was complete and that the company’s debt had been reduced to 37.29 billion rubles ($1.22 billion) aside from $262 million debt owed to Nomos-Bank.

“The difficult times at PIK’s are over; it’s necessary to set routine work straight,” said a source close to the company’s shareholders. “Kolonchina managed the deals with banks, a task close to what she was doing before joining PIK,” the source said. Kolonchina worked in Deutche Bank’s London office for 12 months, and recently was director of EMEA at Debt Capital Market, PIK’s web site reports. Kolonchina will need her experience at Nafta, as Kerimov is planning fresh deals, a source said. Nafta-Moskva’s spokesperson declined comment.

Rodionon, the new vice president for financing at PIK, is already a member of the company’s board of directors. He leaves Nafta after working at the company for around seven years. The average pay level for executives of this level can be around $240,000 to $480,000 a year with bonuses of 20 percent to 30 percent, said Anton Strozhenko, partner at Amrop Hever in Russia. “It is unlikely that either of them will lose earning when moving to their new position — rather the other way around,” he said. “PIK has appointed a seasoned manager, as PIK’s circumstances are now Nafta’s circumstances. The expertise of PIK’s manager will not cause any doubt among Nafta’s share holders,” he added.