LONDON (Alliance News) - Residential real estate developer in Russia, Etalon Group Ltd, Monday appointed a new chief executive and chief financial officer, part of a business strategy review that also saw it announce a dividend policy.
The company said Anton Evdokimov will become CEO March 1, while Boris Svetlichny will become CFO. Viacheslav Zarenkov will focus on strategic development as the chairman of the company.
"I have led this Company for over 25 years, since founding it in 1987, and today Etalon Group has matured to a point where our stakeholders will be best served by appointing an experienced CEO to focus on day-to-day management, while I will maintain my influence on decision-making and will be able to concentrate on Etalon's long-term development in my roles as President and Chairman of the Board of Directors," Zarenkov said in a statement.
"By separating the executive and strategic functions, I will be able to concentrate more on building long term shareholder value, and better-positioned to hold management accountable for successfully implementing the Board's decisions," he added.
Etalon said it will start paying dividends of between 15% and 30% of net profit adjusted for non-cash items if warranted from the second half of 2013. It will take funding needs into account when deciding on semi-annual payments.
Etalon GDRs last traded at USD5.07.
By Steve McGrath; stevemcgrath@alliancenews.com; @SteveMcGrath1
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