Arkady Korostelev has been appointed President of FESCO Transport Group w.e.f. September, 4. He replaces Maxim Sakharov, who occupied this position after Alexandrs Isurins left the Group in March this year.
Sakharov will continue with FESCO as First Deputy President. The decision was made by the FESCO Board on September 3.
Korostelev previously occupied senior managerial positions with LUKoil and Sibur. He also served as Vice President, Commerce, with FESCO.
The Board also decided to cooperate with Alvarez & Marsal consulting company on developing medium- and long-term strategy of the Group.
The Board also instructed the top management to revise the Group’s business plan and adapt its market strategy to improve liquidity and long-term financial stability of all FESCO businesses.