The Board of Directors of Enisei River Shipping has appointed Valeri Kurguzov as a new General Director to replace Ivan Bulava, who vacated the position upon expiry of his contract. Mr. Kurguzov was previously Vice President of MMC Norilsk Nickel and the Chairman of the Board of Enisei River Shipping (ERS).
Over the course of 2001 - 2002, Norilsk Nickel acquired a controlling stake in ERS as part of the Company's strategy of developing its own transportation. During this period, the new Board of Directors (with six directors representing Norilsk Nickel) and the management led by the former General Director, Ivan Bulava, succeeded in stabilising the ERS’ shipping business and generating positive financial results.
By the year-end of 2002 the wage arrears of approximately 17 million rubles as of the beginning of the year were paid off. Over the same period, the company also settled the tax arrears and other obligations of approximately 32 million rubles. The fleet's gross productivity increased by approximately 11% compared to 2001. Pre-tax profits for 2002 are expected at 17.6 million rubles, with net after-tax earnings of 11.2 million rubles.
The changes in the ERS management team mark a new stage of the restructuring of shipping business, as part of the Norilsk Nickel's long-term strategy aiming at increase in its shareholder value. The former General Director, Ivan Bulava, stays with the company as the First Deputy General Director, and will focus on the strategic development of the company, supervision of the cooperation with the Russian Ministry of Transport and other regulatory bodies, and social policies. A representative of MMC Norilsk Nickel has been appointed as a new Chairman of the ERS Board of Directors.

Biographical Information

Valeri V.Kurguzov was born on May 6, 1964, in Moscow. He graduated from the Moscow Finance Institute as a specialist in international economic relations. He worked for the Soviet state-planning agency, Gosplan, for the Soviet Ministry of Finance, and the Vserossiiskii Birzhevoi Bank. Mr Kurguzov began working for the Norilsk Nickel Group in 1998, as the Deputy General Director in charge of Material and Technical Supplies and Transport.
From April 2002 to January 2003, he was Vice President of MMC Norilsk Nickel.
From 2000 to 2001, he was a member of the Enisei River Shipping’s Board of Directors, and from 2001 to January 2003 he served as the Chairman of the company's Board of Directors.
At Norilsk Nickel, Mr. Kurguzov was organising cargo transportation and managing the company's own transportation resources.
Ivan A. Bulava was born on September 16, 1937, in the district of Sloboda Petrikovskovo in the Gomel region of the now independent state of Belarus. Mr. Bulava graduated with honours from the Omsk Waterways College as a specialist in inland waterway navigation.
Mr. Bulava began his career with the Enisei River Shipping in 1959 as a third navigator of the "Enisei" icebreaker at the Igarka river port.
From 1995 to January 2003 he was the General Director of the Enisei River Shipping.
Mr. Bulava has been awarded the Badge of Honour by the Russian government in recognition of his services to the development of river transportation.

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