OREANDA-NEWS. April 30, 2010. The shareholders of CJSC IES decided to introduce changes in the company's organizational structure and to create a position of CEO. This step was determined by significant extension of the scope of tasks of CJSC IES corporate centre relating to development of business activities and transfer to a single share.

Evgeny Olkhovik, a member of Renova Group Supervisory Committee, will hold the position of CEO of CJSC IES. Mr. Olkhovik was introduced at the extended meeting of the company's Board on April 15. The new CEO will proceed with work early May and will be in charge of operating activities of CJSC IES, as well as implementation of a large-scale investment program of construction of new and modernization of existing generating facilities.

According to Mikhail Slobodin, President of CJSC IES, such experienced managers as Evgeny Olkhovik will enable the company to reinforce its management team significantly, and to enhance the quality of operational management which is of crucial importance at the time of transition of the company to a single share.

Mr. Olkhovik noted that he considers his direct participation in managing of the major private energy company in Russia to be an extremely interesting challenge. "I am sure that our collaboration with Mikhail Slobodin will have positive effect on activities of IES-Holdings and other energy assets of Renova", he said.

Creation of a new CEO position will enable the President of CJSC IES to focus on strategic development issues, as well as the problems of energy efficiency enhancement, development of energy saving technologies and use of new energy sources, and preparation for stock consolidation of energy assets.