A special meeting of Power Machines’ shareholders took place on December 17, 2007. As a result of the meeting the Board of Directors and the auditing committee of the company were reelected.
The Board of Directors of Power Machines which consisted of eight persons welcomed six new directors – Alexey Mordashev (General Director of ZAO “Severstal-group”), Alexey Egorov (Deputy General Director of ZAO “Severstal-group”), Dmitry Sanin (Deputy General Director of ZAO “Severstal-group”), Kirill Komarov (General Director of Atomenergomash), Igor Kostin (General Director of Power Machines), Vadim Chechnev (Director for Economics and Finance of Power Machines).
Two directors of the Board of Directors were reelected again: Michael Suess (Vice President of Power Production Group of Siemens Aktiengesellschaft) and Hans-Yurgen Vio (Vice President of Siemens in Russia).
Besides a new auditing committee of Power Machines consisting of seven persons was elected.
“New Board of Directors will have to face a set of serious tasks aimed at further development of Power Machines as a leading Russian power equipment manufacturer. Company management will concentrate on a large-scale investment program that will help Power Machines become more competitive in Russian and foreign markets”, said Alexey Mordashev, member of Board of Directors of Power Machines.