OREANDA-NEWS. Amtel-Vredestein N.V. (LSE: AMV), a leading European tyre producer and Russia’s largest manufacturer of passenger car tyres, announced today that it has accepted resignations from its Executive Board by Rob Oudshoorn and Ton Tholens. Oudshoorn and Tholens - the CEO and CFO of Vredestein Banden B.V., respectively - will instead intensify their focus on operations at Vredestein Banden. The company expects to announce new appointments to its Executive Board by the time of its Annual General Meeting of Shareholders in June.

Tholens will also relinquish his role as CFO of Amtel-Vredestein N.V., though he will continue to advise and participate in the financial affairs of the company in his capacity as the CFO of Vredestein Banden. Alexei Gurin will temporarily assume the responsibilities of CFO of the group in addition to his duties as CEO. Gurin is a former Financial Director of the Russian enterprise.

The resignations follow a planned implementation of a dual (or, "matrix") reporting structure at the company whereby current reporting lines within Vredestein Banden B.V. will remain unchanged and whereby key managers of Vredestein Banden B.V. will additionally report to the COO of the company, Sergei Bokhanov.

It is anticipated that this enhanced reporting structure will fortify the ability of top management to implement policies, be better informed about the day-to-day activity at its European operation, further integrate sales and marketing activities and more fully synchronise the Dutch and Russian production facilities. This revision to the reporting structure is not intended or expected to affect the powers of the current management, nor will it materially change the organisation of Vredestein Banden B. V. Subject to its annual audit, the company expects to meet its previously published guidance and to report sales for 2006 of $800 million and EBITDA of $100 million.