Appointment of Interim CEO
09.11.2015
Globaltrans Investment PLC (the “Company” and together with its consolidated subsidiaries “Globaltrans” or the “Group”), (LSE ticker: GLTR) today announces that Sergey Maltsev is stepping down as Chief Executive Officer and Executive member of the Board with immediate effect. Valery Shpakov, currently First Deputy Chief Executive Officer and CEO of the subsidiary New Forwarding Company, will act as Interim CEO until a permanent replacement is appointed.
Mr Shpakov has been the CEO of New Forwarding Company, the primary gondola car operating subsidiary of Globaltrans, since 2007, having joined the business in 2003. He has a track record of more than 30 years in the rail industry and has held managerial positions at various companies in the transport sector. He is a recipient of the “Honoured Railwayman of Russia” Award.
Mr Maltsev, who has been CEO of Globaltrans for 8 years and has spent a number of years leading various rail industry organisations, has resigned his position and now intends to focus on the further development of the Russian freight rail transportation industry from within JSC Russian Railways, the Russian state rail transportation group.
Mr Maltsev has informed the Company that he intends to maintain his 4.5% economic interest in Globaltrans, but that the interest will be held through a trust that he does not control and therefore, he will no longer have the power to vote or otherwise exercise control over the shareholding.
“The Board of Globaltrans is deeply grateful to Sergey for his significant contribution both as a co-founder of the Group in 2004 and in his role as CEO since then,” said Mr Michael Zampelas, Chairman of the Board of Globaltrans. “His entrepreneurial vision, energy and extensive managerial skills have helped Globaltrans to become Russia’s leading private freight rail transportation group. Under his leadership, the Group has pioneered the industry, becoming the first internationally listed railway company with operations in Russia, consolidating the sector through the acquisition of captive rail operators and agreeing long-term outsourcing contracts with key customers. We wish him well in his future endeavours.”
Mr Zampelas added: “We are delighted that Valery has agreed to become Interim CEO. He is a very talented and experienced industry executive and is fully capable of leading the business while we take the time required to ensure we select the right candidate for the CEO role. Valery will continue to be supported by our industry-leading senior executive management team with their considerable experience in the rail industry and deep knowledge of Globaltrans.”
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NOTES TO EDITORS
Globaltrans is a leading private freight rail transportation group with operations in Russia, the CIS and the Baltic countries. The Group’s main business is the provision of freight rail transportation services. Globaltrans provides services to more than 500 customers and its key customers include a number of large Russian industrial groups in the metals and mining and the oil products and oil sectors.
The Group has a Total Fleet of about 66 thousand units of rolling stock with an average age of 9.1 years. Universal gondola cars and rail tank cars constitute the backbone of the Group’s fleet. More than 90% of the Total Fleet is owned by the Group. In the first six months of 2015, the Group’s Freight Rail Turnover (including Engaged Fleet) was 83.6 billion tonnes-km. The Group’s Market Share was 8.3% of overall Russian freight rail transportation volumes.
Globaltrans' global depositary receipts (ticker symbol: GLTR) have been listed on the Main Market of the London Stock Exchange since May 2008. Globaltrans was the first freight rail transportation group with operations in Russia to have an international listing.
To learn more about Globaltrans, please visit www.globaltrans.com
LEGAL DISCLAIMER
Some of the information in this announcement may contain projections or other forward-looking statements regarding future events or the future financial performance of Globaltrans. You can identify forward-looking statements by terms such as 'expect', 'believe', 'anticipate', 'estimate', 'intend', 'will', 'could', 'may' or 'might', the negative of such terms or other similar expressions. Globaltrans wishes to caution you that these statements are only predictions and that actual events or results may differ materially. Globaltrans does not intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in projections or forward-looking statements of Globaltrans, including, among others, general economic conditions, the competitive environment, risks associated with operating in Russia, rapid technological and market change in the industries Globaltrans operates in, as well as many other risks specifically related to Globaltrans and its operations.