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ER-Telecom changes management structure


The Russian cable operator ER Telecom has announced a change in its management structure with the creation of a new position of president of the company to work on strategy and head up the management board alongside the CEO, Andrey Semerikov.

ER-Telecom, which operates under the brand, has named Russian billionaire businessman Andrey Kuzyaev, the company’s chairman since December last year, to the president role.

Elena Ivashentseva, senior partner at BVCP and adiviser to private equity outfit Baring Vostok, has been named as the company’s new chairman.

Andrey Kuzyaev said the changes would improve the company’s competitiveness and ensure its continued growth. ER-Telecom plans to grow by 15-18% a year and double the size of its business within the next five years. Furthermore it aims to raise at least $500 million in an IPO in the next two to three years, depending on improved political and economic circumstances, while still retain control of the company, Kommersant reports.

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