One of Sibirskiy Cement (SibCem) founders, former President and CEO Andrey Muraviev has been nominated for the holding company's board of birectors, according to the RUXX Index which tracks SibCem said in a statement released yesterday.
SibCem shareholders explain their decision to nominate Muraviev by their hope that "the former executive's experience would help the company recover its market share and excellent financial performance." SibCem is a major Russian cement producer, with assets across the vast Russian super-region of Siberia, serving the nation's ambitious infrastructure projects and booming real estate market.
The holding company has seen dramatic changes in its management and Board of Directors since August 2008, as the entire top management team and all directors have been replaced. SibCem's annual revenues have declined by 75 per cent after Muraviev's departure, while its earnings and market capitalisation have also taken a hit. Investment analysts would see Muraviev's possible return as a boon for shareholders: "Muraviev essentially built the company into a market leader, he has a very impressive track record. Investors have very good reasons to expect the company to rely on his experience to regain its strong financial performance and market share," said Michael Thompson, equity markets analyst with the Russian Industrial Leaders Index.