Stockholm, Sverige, 2012-02-29 08:00 CET (GLOBE NEWSWIRE) -- Mr Kirill Pronin, CPA, CFA will serve as interim CFO pending a formal recruitment process. Mr Pronin is intimately familiar with the company, having been employed as Project Director in Taiga Asset Management and later in RusForest Management in Moscow since 2008. Prior to that, he worked in Transaction Advisory at PricewaterhouseCoopers' Moscow office.
Given Mr Pronin’s strong financial background, and with the main project responsibility now assumed by the recently employed COO Jeppe Strange, the interruption during the transition is expected to be minimal. Departing CFO, Mr Zhukov, will also continue to support the interim CFO on a consultancy basis for an agreed period following his departure.
"Vitaly Zhukov has participated in RusForest’s development over the most demanding years. He has been employed by the Company since 2008, and has contributed positively to the development of the Company. We wish him all the best and success in his future career. We also welcome Kirill Pronin in his new role as Interim CFO," says RusForest’s CEO Martin Hermansson.
For further information, please contact:
Martin Hermansson, CEO, phone: +7 903 015 64 65, +7 985 921 92 32
About RusForest AB (publ)
RusForest is a forestry and sawmilling company operating in Eastern Siberia and the Arkhangelsk region of Russia. The Company controls long term forest leases with an annual allowable cut of approximately 3.6 million m³, and utilizes these resources to produce a wide range of sawnwood products. Eastern Siberia is renowned for its pine and larch of exceptional quality, while the Arkhangelsk Region in northwest Russia has high quality spruce and pine forests similar to those found in northern Sweden.
RusForest's goal is to develop into a leading independent integrated forestry and sawmilling company in Russia with an annual harvesting of 2.7 to 2.9 million m3. The Group's total sawmilling capacity, which is currently approximately 350,000 m3, is expected to, following completion of on-going investments; gradually increase to 500,000 to 550,000 m3 of sawnwood. There is significant potential (of up to 800,000 to 850,000 m3 of sawnwood) within the maximum allowable harvesting.
RusForest AB's Certified Adviser on First North is Pareto Öhman AB.
