OREANDA-NEWS. August 15, 2011. A proposal on the division of powers of Chairman of the Executive Board and Chief Executive Officer, earlier combined by Rushan Khvesyuk, has been submitted for review to the Board of Directors at Alfa-Bank, reported the press-centre of Alfa-Bank.  

Mr. Khvesyuk will secure the position of Alfa-Bank’s Chief Executive Officer, while Andrei Sokolov will be appointed Chairman of the Executive Board, who is presently holding the position of First Deputy Chairman of the Executive Board. Vladimir Tatarchuk will become First Deputy Chairman of the Executive Board. All the documents required to approve this decision have been forwarded to the Central Bank of the Russian Federation and to the related regulating authorities.

This decision was made in line with the approved by the Board of Directors long-term development strategy of the Bank for the next five years. This strategy, inter alia, envisages substantial qualitative strengthening of the Bank’s position both in its corporate and retail business segments, along with keeping up the existing Alfa-Bank’s leadership in the most up-to-date banking Internet technologies. The strategy also provides for substantial growth of the Bank’s presence in Moscow and in the regions. Accordingly, the implementation of the strategy will require maximum efforts primarily focused on the development of business, making it a priority objective for Mr. Khvesyuk as Chief Executive Officer.

Mr. Khvesyuk was combining the two posts from 2007. Earlier in 2003-2007, Petr Shmida worked as Chief Executive Officer, who is now Member of Alfa-Bank’s Board of Directors. Mr. Khvesyuk has been holding the position of Chairman of the Executive Board since 2002.

Chairman of the Supervisory Council at Alfa Group Consortium, Member of the Board of Directors at Alfa-Bank, Mikhail Fridman:

"Rushan Khvesyuk is the strongest professional on the ground. His overlapping of the positions of Chairman of the Executive Board and Chief Executive Officer was fully justified especially during the acute crisis period when much was depending on the ability to response to ever-changing situation and promptness of the decisions taken. We have managed not only to overcome successfully the crisis aftermath, but proved capable of strengthening to a considerable extent our leadership positions as the largest private bank in the country. The year 2010 was the most profit gaining over the Bank’s history.

We as shareholders are confident in the righteousness of the time chosen for the commencement of our long-term development strategy based on the existing competitive advantages and aimed to create new opportunities for the Bank. We do not have any doubts that Rushan Khvesyuk, whom we know not only in terms of a long-term joint work, but as a good friend, will successfully meet the new challenge.

We are quite certain that Andrei Sokolov, with his long working experience in the Bank, will be completely on a par with the position of Chairman of the Executive Board, representing the Bank’s interests with the Central Bank of the Russian Federation, banking community, regulating and other state authorities. Andrei Sokolov, in the capacity of Chairman of the Executive Board, will undoubtedly take most active actions while implementing the Bank’s long-term development strategy and dwelling on current business needs".

Chairman of the Executive Board, Rushan Khvesyuk:
"I believe that the adopted by the Board of Directors long-term development strategy of the Bank is certainly a very ambitious, but absolutely realistic project. We are intended to develop further on in all banking business areas. To do so, we have expertise, a professional team and most up-to-date technologies. The crisis has made us even stronger. The Bank’s long-term development strategy adds up with our competitive edge, and our objective is to implement it successfully".

Background reference

Rushan Khvesyuk

Member of the Board of Directors, Chairman of the Executive Board at Alfa-Bank
Joined Alfa-Bank in 1994. In 1995-2002 — Head of the Bank’s Legal Department. From 2002 — Chairman of the Executive Board, and since 2006 — Member of the Board of Directors.

Prior to joining Alfa-Bank, in 1991-1994 Rushan Khvesyuk was working in Legist Legal Company, in 1991 — in the Ministry of Justice of the USSR, in 1989-1991 — in the Moscow region Department of Justice, in 1986-1987 — in the Military Tribunal.
Graduated from Moscow State Academy of Law in 1994.

Since 2004 — Member of the Council of the Association of Russian Banks, Member of the Advisory Council of the Association of Regional Russian Banks (Association "Russia").
Since 2002 — Member of the Coordination Council of the Russian Union of Lawyers.

Andrei Sokolov

First Deputy of the Executive Board at Alfa-Bank

Since 2007 — First Deputy Chairman of the Bank’s Executive Board.

Prior to joining Alfa-Bank Andrei Sokolov was Chairman of the Board at RESO Garantia insurance company.

From March to October 2002 — First Deputy Chairman of the Board of Directors at MDM-Bank. In 2001–2002, First Deputy Chairman of the Board at Conversbank, and in 1995–1998 served in Alfa-Bank as Head of Corporate Customer Relations. From 1998 to 2000 — Deputy Chairman of the Executive Board at Alfa-Bank.

Andrei Sokolov holds a degree in Mathematics and Cybernetics from Moscow State University (1977). In 1981, graduated from Moscow Morris Teresa State Institute of Foreign Languages.