RusForest AB
RusForest Appoints Garrett Soden as CEO
RusForest AB 02.08.2012 07:50 Dissemination of a Adhoc News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- RusForest AB ('RusForest' or the 'Company') (OMX: RUSF), a Swedish forestry company with operations in Russia, announces the appointment of Garrett Soden as Chief Executive Officer ('CEO'), effective immediately. Stockholm, Sweden, 2012-08-02 07:50 CEST (GLOBE NEWSWIRE) -- Garrett Soden joins RusForest from the Lundin family office in Geneva. He has worked with public companies associated with the Lundin family since 2008 and has extensive experience in emerging markets. Mr Soden was previously Chief Financial Officer ('CFO') of Etrion Corporation, a renewable energy company listed on Toronto Stock Exchange and NASDAQ OMX Stockholm. He holds a BSc honours degree from the London School of Economics and an MBA from Columbia Business School. Martin Hermansson has served as the Company's President and CEO since June 2010 and was instrumental in building the Company into one of the largest forestry and sawmilling operations in Russia. Mr Hermansson will continue to support the Company in his role as General Director of RusForest Management in Moscow. Kenneth Eriksson, the Company's Chairman, commented, 'The Board of Directors is pleased to appoint Garrett Soden as CEO. Garrett has considerable management experience in public companies, and he comes on board with a clear mandate to crystallize the significant value in RusForest's assets. We would like to thank Martin Hermansson for his hard work during a challenging time for the Company.' RusForest is also pleased to announce the appointment of Kirill Pronin as Chief Financial Officer. Mr Pronin has been interim CFO since March 2012 and was previously employed as a Project Director in RusForest Management in Moscow. Before joining RusForest/Taiga Asset Management in 2008, he worked in Transaction Advisory at the Moscow office of PricewaterhouseCoopers. Vostok Nafta, the Company's largest shareholder, has informed the Board of Directors that it intends to propose the appointment of Garrett Soden to the Board of Directors at the next general meeting of shareholders. About RusForest AB RusForest is a publicly-traded Swedish forestry company operating in eastern Siberia and the Arkhangelsk region of Russia. The Company controls approximately 3 million hectares of timber through long-term leases with an annual allowable cut ('AAC') of approximately 3.6 million cubic meters. RusForest owns five sawmills in close proximity to its forest leases and is self-sufficient in raw material to produce more than 400,000 cubic meters per year of sawnwood products. The Company generated approximately USD 66 million in revenues in 2011 and employs more than 2,500 people. RusForest is listed on NASDAQ OMX Stockholm First North (ticker symbol 'RUSF'). RusForest's largest shareholder is Vostok Nafta Investment Ltd, which owns approximately 29 per cent of the Company's shares. For additional information, please visit the Company's website at www.rusforest.com or contact: Robert Eriksson - Investor Relations Telephone: +46 (701) 11 26 15 RusForest AB's Certified Adviser on First North is Pareto Öhman AB. News Source: NASDAQ OMX 02.08.2012 DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: RusForest AB Sweden Phone: Fax: E-mail: Internet: ISIN: SE0001732728 WKN: End of Announcement DGAP News-Service ---------------------------------------------------------------------------
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