Russia’s RTM replaces CEO after stake sale

Russia’s RTM replaces CEO after stake sale
Published: 26 August 2008

Russian real estate firm RTM said on Monday it was replacing General Director Eduard Vyrypayev after selling a large stake to new investors.
 
RTM said last week it had sold a large stake to new investors including some with links to shareholders in Russian cement maker Sibirskiy Cement. It did not disclose the stake size, nor financial details of the deal.
 
In a statement on Monday, RTM said its board of directors had named Sergei Khrapunov, a former Vice-President of Sibirskiy Cement, as its new Chief Executive Officer.
 
Vyrypayev, who is one of the largest shareholders of RTM, plans to retain his seat on the board of directors. He had 71.4 percent of RTM’s shares before the stake sale.
 
"I am confident that having a non-shareholder in the position of the company’s General Director will have a positive effect on RTM’s perception by the investor community," he said.
 
Moscow-based RTM was established in 2006 and raised $80 million in a local initial public offering in May 2007. The company focuses on developing shopping and leisure centres as well as residential properties in Russia’s largest cities.