OREANDA-NEWS. PhosAgro (“PhosAgro” or “the Company”) (Moscow Exchange, LSE: PHOR), a leading global vertically integrated phosphate-based fertilizer producer, announces that its Board of Directors has elected Andrey A. Guryev as CEO after accepting Maxim Volkov's early resignation. The Board's decisions today were in line with recommendations made earlier by the Committee for Remuneration and Human Resources.

The Board of Directors has also appointed a new Management Board, which includes PhosAgro Board Member and CEO Andrey A. Guryev, COO Mikhail Rybnikov, Deputy CEO Sergey Sereda, Deputy CEO for Corporate and Legal Affairs Alexei Sirotenko and CFO Alexander Sharabaiko. In addition, the Board approved a resolution allowing members of the Management Board to hold management positions in other entities.

Comments on the Board of Directors meeting:

PhosAgro Board of Directors Chairman Sven Ombudstvedt thanked Maxim Volkov for his work as CEO of the Company and wished him luck in his new undertakings. Mr. Ombudstvedt said: “Maxim Volkov successfully led PhosAgro through many important years of development; he has assembled an excellent team of professionals who are well positioned to support the Company's continued growth. I am very pleased that Maxim will continue to support PhosAgro in his capacity as a Board member and the Chairman of the Strategy Committee.

“The Board unanimously supports Andrey A. Guryev's appointment to this position. He has a detailed understanding of all aspects of the business thanks to his nearly 10 years of experience with the Company, during which he has taken on ever-increasing management responsibilities. After Andrey was named Deputy CEO for Sales and Logistics two years ago, PhosAgro significantly increased sales volumes to both domestic and international markets, reaching a record 5.3 million tonnes in 2012.”

Andrey A. Guryev said: “No major overhauls to PhosAgro's strategy are planned. In addition to implementing our investment programme and strategic initiatives aimed at increasing shareholder value, we will maintain our dividend policy and honour the promises made to investors in the course of the Company's IPO and SPO.”

Mr. Guryev has been working at PhosAgro since 2004, when he started as an economist in the finance department. He later specialised in fertilizer exports. Andrey A. Guryev has been Deputy CEO of OJSC PhosAgro since April 2011. From October 2011 to June 2013, he was also Deputy CEO for Sales and Logistics of PhosAgro AG, and since June 2013 he has been the Chief Operating Officer of PhosAgro AG.

Andrey A. Guryev also sits on the Board of Directors and is a member of the Strategy Committee and the Health, Safety and Environmental Protection Committee.

He graduated from the Russian Government Academy of National Economy, holds a BA in economics from the University of Greenwich, and has a PhD in economics from the St. Petersburg National Mineral Resources University.