OREANDA-NEWS. OJSC Sistema Mass Media (“SMM” or the “Company”), one of the leading media holding companies in Russia, announces that, during its meeting on January 31, 2014, the Board of Directors has accepted the resignation of Vladimir Khanumyan as the Company's President. Grigory Sukhov, Vice President for Finance and Investments at SMM, will act as President in the meantime.

Vladimir Khanumyan commented: “I am grateful that I have had the opportunity to work with such an excellent team of professionals during my time at SMM. Sistema, the Company's shareholder, is currently one of the best management teams in the market, and I am pleased that I have had the opportunity to work with them. 2013 was a fruitful year for SMM - during the year, we worked on optimising our business processes and managed to return the Company to a profitable level. In addition, we set strategic vectors for SMM's development that will strengthen its market position in the traditional media and make it a serious player in the new media market.”

The Company is currently in the process of selecting a candidate to replace Mr Khanumyan. The candidate for this position will be announced once SMM completes its selection process and signs all the relevant documentation.