VimpelCom Ltd. Announces Changes to Corporate Structure and Business Unit Management Team
Amsterdam and New York (June 10, 2010) - VimpelCom Ltd. (or the “Company”) (NYSE: VIP)today announced that its Board approved changes to the reporting structure of the Company. The reporting structure will be divided into four business units--Russia, Ukraine, CIS and International--that will report to the Company’s headquarters in Amsterdam.
In connection with the restructuring, Elena Shmatova has been appointed the General Director of OJSC “VimpelCom” and will lead the Russia business unit. The Ukraine business unit will continue to be led by Igor Lytovchenko, President of Kyivstar. The CIS business unit will continue to be led by Dmitry Kromsky.
As a result of the restructuring, Boris Nemsic, the CEO of OJSC “VimpelCom” and Alexander Torbakhov, the General Director of OJSC “VimpelCom” have each decided to leave the Company effective immediately.
Alexander Izosimov, Group CEO of VimpelCom, Ltd. said, "We thank Boris and Alexander for their contributions in shepherding the company through very tough macro economic circumstances and wish them the best in their new endeavors."
VimpelCom Ltd. consists of telecommunications operators providing voice and data services through a range of wireless, fixed and broadband technologies. The VimpelCom Ltd. group is headquartered in Amsterdam and has operations in Russia, Ukraine, Kazakhstan, Uzbekistan, Tajikistan, Georgia, Armenia, Kyrgyzstan, Vietnam and Cambodia, covering territory with a total population of about 345 million. VimpelCom Ltd. operating companies provide services under the "Beeline" and "Kyivstar" brands. VimpelCom Ltd.’s ADSs are listed on the New York Stock Exchange under the symbol "VIP".
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