AFI Development PLC (AFRB) - Mr Lev Leviev appointed as Executive Chairman RNS Number : 8333R AFI Development PLC 22 November 2012 THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE RUSSIAN FEDERATION, THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN AFI DEVELOPMENT PLC ("AFI Development" or "the Company") MR LEV LEVIEV APPOINTED EXECUTIVE CHAIRMAN OF AFI DEVELOPMENT London, 22 November 2012 - AFI Development announces that, following the recommendation of the Nomination Committee, its Board of Directors has today appointed Mr Lev Leviev, currently Non-Executive Director and Chairman, to the position of Executive Chairman of the Company. In his new role Mr Leviev shall provide strategic leadership and lead key negotiations with the Moscow Authorities, with other government authorities in regions of AFI Development operations and with its counterparties in transactions of strategic importance. In the new position Mr Leviev will be entitled to an executive compensation package and, like all other senior executives of AFI Development, will participate in the Company's share options programme. It should be noted that in his current role of Non-Executive Chairman Mr Leviev has not been receiving compensation from the Company for his office. The appointment of Mr Leviev will not change the functions and responsibilities of Executive Director of the Company and CEO of the Company's main Russian operating subsidiary, OOO AFI RUS, Mr Mark Groysman. Mr Groysman shall remain responsible for ongoing operations of AFI Development, while Mr Leviev will concentrate on managing government relations of AFI Development and leading strategic transactions. Commenting on todays' announcement, Mr Mark Groysman said: "We welcome the appointment of Mr Leviev to an executive position at AFI Development, as it will enable him to dedicate more time to core business activities of AFI Development and strengthen his commitment to success of its operations. We strongly believe that this appointment will be highly beneficial for AFI Development and all its stakeholders". - ENDS - For further information, please contact: AFI Development, +7 495 796 9988 Ilya Kutnov Citigate Dewe Rogerson, London+44 20 7638 9571 David Westover Reena Mavjee Sandra Novakov About AFI Development AFI Development is one of the leading real estate development companies operating in Russia. Established in 2001, AFI Development is a publicly traded subsidiary of Africa Israel Investments Ltd. AFI Development is listed on the Main Market of the London Stock Exchange and aims to deliver shareholder value through a commitment to innovation and continuous project development, coupled with the highest standards of design, construction, and quality and customer service. AFI Development focuses on developing and redeveloping high quality commercial and residential real estate assets across Russia, with Moscow being its main market. The Company's existing portfolio comprises commercial projects focused on offices, shopping centers, hotels and mixed-use properties, and residential projects. AFI Development's strategy is to sell the residential properties it develops and to either lease the commercial properties or sell them for a favourable return. AFI Development is a leading force in urban regeneration, breathing new life into city squares and neighborhoods and transforming congested and underdeveloped areas into thriving new communities. The Company's long-term, large-scale regeneration and city infrastructure projects establish the necessary groundwork for the successful launch of commercial and residential properties, providing a strong base for future. This information is provided by RNS The company news service from the London Stock Exchange END BOALLFSELALFFIF -0- Nov/22/2012 18:00 GMT
AFI Development PLC AFRB Mr Lev Leviev appointed as Executive Chairman
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