Russian triple-play operator ER Telecom has appointed local billionaire businessman Andrey Ravelivich Kuzyayev to the newly-created role of company president as it prepares for an IPO within the next two to three years.
In his new role, Kuzyayev, owner…
Russian triple-play operator ER Telecom has appointed local billionaire businessman Andrey Ravelivich Kuzyayev to the newly-created role of company president as it prepares for an IPO within the next two to three years.
In his new role, Kuzyayev, owner of the operator’s majority shareholder Perm Financial and Industrial Group, will work on strategy alongside CEO Andrey Semerikov, the operator said in a statement.
Kuzyayev, who previously served as ER Telecom’s chairman, was cited in local newspaper Kommersant as saying the operator would aim to raise at least US$500m from the sale of a minority stake in an IPO to be hold in two to three years’ time after the economic and political climate has improved.
In the meantime, Kuzyayev said the management team will work on the development of the company, noting that it is currently worth an estimated US$1.2bn-US$1.3bn.
Outlining the operator’s new five-year strategy, Kuzyayev said it aims to grow 15%-18% per year, organically and via acquisitions.
As part of the management changes, Elena Ivashentseva, a senior partner with Baring Vostok Capital Partner, will replace Kuzyayev as chairman.
In the company’s statement, Kuzyayev said the management changes are designed to boost the company’s competitiveness and growth.
ER Telecom provides broadband internet, cable TV and fixed-line telephony services in 56 cities.
