OREANDA-NEWS. July 30, 2009. PIK Group (LSE: PIK), one of Russia’s leading residential real estate developers, today announces the appointment of Kirill Pisarev as Chairman of the Board of Directors.

Mr. Pisarev is one of the founding shareholders of the Group and his appointment will take effect from 29 July 2009.


Pavel Poselenov has been nominated to the Board as President and Chief Executive, the role previously held by Mr. Pisarev. Prior to this appointment Mr. Poselenov held the post of Vice President for Coordination of Activities, and beforehand he was responsible for PIK’s operations in St. Petersburg. Yury Zhukov, another of the founding shareholders in PIK Group, who previously held the post of Chairman of Board of Directors, is appointed as Deputy Chairman of the Board of Directors.


Going forward, Mr. Pisarev will focus on strategy and development, while PIK Group’s existing management team will be responsible for the operational activity.


Commenting on today’s announcement, Kirill Pisarev, Chairman of Board
of Directors said:


"The appointment of Mr. Poselenov is good for strategic continuity. He has a strong professional background, is fully involved in the operational processes of the Group and his appointment will help us navigate through this difficult period. We believe his appointment is positive for the business and all its stakeholders, including business partners, shareholders, investors and consumers.”