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Financial Corporation "Sistema"

July 23, 2003

Sistema JSFC announces key management decisions in its telecommunications business

Mikhail Smirnov nominated to the position of MGTS' CEO

Moscow, July 23, 2003. Sistema JSFC announces new management decisions on key positions in the telecommunications business. Board of Directors of MGTS voted today to nominate Mikhail Smirnov, President of MTS, to the position of MGTS' CEO. The nomination was initiated by Sistema JSFC, and the final decision will be made by the General Meeting of Shareholders of MGTS to be held August 15, 2003.

Evgeny Novitsky, President of Sistema JSFC, said in a statement: "Today MGTS is entering an important new phase of its development. The company is facing major new tasks requiring unorthodox management decisions. Mikhail Smirnov is one of the most experienced and successful managers in the industry having the enormous experience of running a dynamic public company with excellent track record in corporate governance. He led MTS in becoming the largest and one of the most successful cellular operators in Central and Eastern Europe. We believe that as the CEO of MGTS, he would be the best person to meet the objectives the company is facing, and we hope that the General Meeting of Shareholders of MGTS will approve our proposed candidate."

This decision comes as part of the continuing rotation of top management in its key businesses aimed at further increasing their operational efficiency. The Corporation has always seen its goal in helping its subsidiaries to capture the leading positions in their respective market segments, and Mikhail Smirnov, who has fully succeeded in taking MTS public on international capital markets and increasing its market capitalization, can take MGTS to similar heights. Sistema has already announced the appointment of Vladimir Lagutin, former CEO of MGTS, to the position of CEO of Sistema Telecom to replace Alexander Goncharuk, who, in turn, became CEO of OAO CSC, Sistema's technology holding.

The new President of MTS will be appointed by the General Meeting of Shareholders. The Board of Directors of MTS will meet August 11, 2003, to call an Extraordinary General Meeting in October 2003, recommend a candidate for the President's position and appoint the acting President, who will be heading the company until the approval of the new President by the General Meeting.

For additional information, please contact:

Investor Relations
Andre Bliznyuk
Telephone: +7 095 730 1543
bliznyuk@sistema.ru

Press Relations
Olga Pestereva
Telephone: + 7 095 730 1705
pestereva@sistema.ru

 

 

 

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