19 Jul 2023
VEON Announces Leaner HQ Management Team Strengthening Operating Company Boards
Amsterdam, 19 July 2023, 17:00 CET: VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON), a global digital operator that provides converged connectivity and online services, today announces changes to its management team, creating a leaner Group management in line with its portfolio size, while strengthening operating company boards.
Group Head of Portfolio Management Dmitry Shvets, Group Chief People Officer Michael Schulz and Group Chief Corporate Affairs Officer Matthieu Galvani will be stepping down from their executive roles effective 1 October 2023. They will continue to support the VEON Group as directors on VEON’s Operating Company Boards. VEON’s Group Executive Committee (GEC) will comprise 3 members - Group Chief Executive Officer Kaan Terzioglu, Group Chief Financial Officer Joop Brakenhoff and Group General Counsel Omiyinka Doris – with a flatter Group leadership team structure.
“It has been a privilege to work with Dmitry, Michael and Matthieu in our Group Executive Committee and I would like to thank them for their outstanding service, their exemplary leadership and their contributions to navigating VEON through the past challenging period. VEON Group as whole, and specifically our operating companies, will continue to benefit from their vast expertise and depth of experience as they will continue to be members of our operating company Boards.” said Kaan Terzioglu, VEON Group CEO.
With the transition to a smaller GEC, VEON is developing its distributed decision-making model further, with a lean headquarters and increasingly self-sufficient operating companies, each with a local Board of Directors. The leaner Group management will increase VEON’s agility in decision-making at the headquarters level, and support Group’s evolution into a more compact and faster-growing entity as the Group’s portfolio evolves.
This also follows the decisions taken during VEON’s recent Annual General Meeting (AGM) where the Company’s shareholders supported a smaller VEON Board of Directors, reducing the Board’s size from 11 to 7 members.
VEON is a global digital operator that currently provides converged connectivity and online services to over 160 million customers in six dynamic markets. We are transforming people’s lives, empowering individuals, creating opportunities for greater digital inclusion and driving economic growth across countries that are home to more than 7% of the world’s population. Headquartered in Amsterdam, VEON is listed on NASDAQ and Euronext Amsterdam.
This release contains “forward-looking statements,” as the phrase is defined in Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Forward-looking statements are not historical facts, and include statements relating to, among other things, VEON’s management team and governance structure. Forward-looking statements are inherently subject to risks and uncertainties, many of which VEON cannot predict with accuracy and some of which VEON might not even anticipate. The forward-looking statements contained in this release speak only as of the date of this release. VEON does not undertake to publicly update, except as required by U.S. federal securities laws, any forward-looking statement to reflect events or circumstances after such dates or to reflect the occurrence of unanticipated events. Furthermore, elements of this release contain or may contain, “inside information” as defined under the Market Abuse Regulation (EU) No. 596/2014.
For more information, visit: https://www.veon.com