OREANDA-NEWS. November 11, 2009. The Board of Directors of OGK-1 elected a new Executive Board, which now includes 9 people instead of 11.

Evgeny Dod, Chairman of INTER RAO UES JSC, his two deputies – Vyacheslav Artamonov, Head of the Trading Unit, and Mikhail Mantrov, Head of Corporate Center, as well as Members of the Board and Heads of INTER RAO EUS functional units: George Rizhinashvili, Head of Strategy and Investments Unit, Yuri Sharov, Head of Central Asia – Far East Geographical Division, as well as Dmitry Palunin, Financial Director Deputy of the Corporate Finances for Financial Activities Unit became members of OGK-1 Board. Earlier, Sergey Tolstoguzov, head of Asset Management Unit and Executive Director of OGK-1, Sergey Rumyantsev, Head of Economy and Investment Programs Unit, and Aleksandr Nikitin, Finance Director, Head of Financial Unit were elected in the OGK-1 Management Board.

The composition of the Executive Board changed due to of OGK-1 and INTER RAO UES Group integration and consolidation of executives from both companies into INTER RAO UES. Starting October 30, 2009 the majority of OGK-1 employees, including top-management, were dismissed and employed by INTER RAO UES.

OGK-1 managers leaving the Executive board will take various positions in INTER RAO UES and will be dealing with the issues related to INTER RAO UES Group in general and OGK-1 in particular. Improvements of financial state, profitability, as well as financing of its large-scale investment program are among top-priority objectives pertaining to OGK-1 operation.

New organizational structure of INTER RAO UES JSC integrated executive office will become effective as of December 1st. Two new departments – Technical Policy Unit, Corporate and Property Relations Unit – will be added to the existing ones: Geographical Divisions, Corporate Center, Production, Trading, Economy and Investment Programs, Financial Activities, Purchasing, Strategy, Legal, Accounting, Internal Control and Risk Management, Security and Control, International Cooperation, PR and GR Units.

200 employees of both companies will be affected by the optimization of the headcount. About 600 persons are going to become part of the target organizational structure of INTER RAO UES JSC joint executive office.

The integration will improve organizational structure of the united company and its efficiency, as well as eliminate redundant functions and decrease administration costs due to the headcount optimization.