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Novoship elects new board of directors

Novoship elects new board of directors

Moscow: JSC Novorossiysk Shipping Company (Novoship) has elected a nine directors to its board at a Novoship extraordinary shareholders' meeting yesterday. Those elected, which include five managers of Sovcomflot, which owns 67.13% of the ordinary (voting) shares of the company, are Sergey Frank, Sergey Popravko, Nikolay Kolesnikov, Vladimir Mednikov, Mikhail Suslin of Sovcomflot; three independent directors - Marlen Manasov, md UBS Securities; Robert Sasson, an investment banker, former Head of EBRD Mission in St. Petersburg; Leonid Loza, former Novoship President; and the President of Novoship, Sergey Terekhin.
Seven members of the new Novoship Board are professionals in the maritime industry. There are four captains of ocean-going ships among the new members, and four managers with experience in running such major shipping companies as Sovcomflot, Novoship, Primorsk Shipping Company (Prisco), Far-Eastern Shipping Company (Fesco) and the Northern Shipping Company (NSC).
'The prime task of the Sovcomflot and Novoship management at this stage is to gain the maximum synergy from the consolidation of Russia's two largest shipping enterprises for the benefit of their clients, their shareholders, the regional shipping community and of Russia as a maritime country," said Sergey Frank, Sovcomflot president & ceo, who is also the newly elected president of the board. 'They also need to bring the Group's corporate governance system and transparency of corporate procedures in conformity with the highest international standards.'

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