TGC-1 appoints Kirill Lykov as new CFO


TGC-1 announces the appointment of Kirill Lykov as its new Chief Financial Officer (or Deputy General Director for Business-planning and finance) and a new member of the management board effective July 1, 2009.

Mr. Lykov will be responsible for corporate finance, business-planning and asset-management, including such areas as budgeting, economic analysis of day-to-day operations, accounting policies, costs and assets optimization. Besides, he will answer for relations with government and local authorities as regards the setting of tariffs.

Boris Vainzikher, TGC-1 CEO, commented: “I know Kirill Lykov as competent and efficient manager from the time we worked together in JSC “Power Machines”. I am convinced that he will be instrumental in ensuring sustainable operation of the Company and its dynamic development”.

Mr. Lykov noted: “Working as a CFO of one of the most prospective generating companies of the country during these tough times is both demanding and interesting task. TGC-1 has ambitious investment plans, which requires effective prioritization and optimal resources allocation. I intend to bend every effort to making the Company one of the industry leaders and ensuring that TGC-1 fully carries out its development plans”.