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
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
Citigate Dewe Rogerson, London+44 20 7638 9571
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
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
BOALLFSELALFFIF -0- Nov/22/2012 18:00 GMT
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