OREANDA-NEWS. August 30, 2011. ARMADA Group (MICEX, RTS: ARMD) hereby announces the results of the first Board of directors meeting after its election. The chairman of the board of directors, the Audit committee, the HR & Remuneration Committee, and the Management board were elected at the meeting, reported the press-centre of ARMADA.  

Alexey Kuzovkin was re-elected as chairman of the board of directors. He has held this position since 2009 and was a General Director of ARMADA before. Kuzovkin, born in 1976, graduated from the Moscow Power Engineering Institute, holds a PhD in Economics, an MBA from the Russian Academy of Public Administration under the President of the Russian Federation, and has been working in the IT industry since 1993.

ARMADA’s Board of directors has also established the Audit committee and the HR & Remuneration committee. Yury Mostovoy, a non-executive director, was appointed chairman of the Audit committee. Azer Badalov and Alexey Kuzovkin were named members of this committee. Viktor Potekhin, a non-executive director, was elected chairman of the HR & Remuneration committee, while Alexey Kuzovkin and Igor Gorbatov were named members of the committee.

ARMADA’s General Director Roman Kruglyakov was appointed chairman of the Management board; Maхim Selivanov and Igor Gorbatov were named as members of the Management board. This collective decision-making body runs ARMADA’s day-to-day operations and is intended to improve the efficiency of corporate management, as well as raise the speed of decision-making and responses to changes in the market environment.

"We remain committed to ARMADA’s current expansion policy which targets software development and IT services in Russia. Our country still ranks 77 in the rating of information system development, but is rated considerably higher in terms of computer and Internet penetration. This means there is a free market segment and huge prospects for the creation of software information systems for the government administration and general public. Operations in this market segment are our top priority for the next several years. The company aims to achieve organic growth and acquiring control in leading IT companies which are congenial to our business," Alexey Kuzovkin commented on the appointments.