OREANDA-NEWS. As from 1 July 2015 the post of AVTOVAZ chief financial officer with be held by Stefan Mauerer, who will replace Eugeniy Belinin, terminated his contract voluntarily in February. The task of Mr. Mauerer is to bring the company to constant profitability level and to ensure scheduled financing of enterprise modernization, including production of new models – the Lada Vesta and the Lada Xray. Mr. Mauerer will be responsible for accounting, controlling, exchequer, corporate development and IT, AVTOVAZ press service informs.

AVTOVAZ president Bo Inge Andersson expressed confidence that Mr. Mauerer in his new post will provide full support to the program of changes, which has been carried out at AVTOVAZ since 2014. According to him, the main goal is to reach 6% profitability, positive free cash flow and  20% share of the Russian market.