Moscow, June 18, 2015 - The Board of Directors of PJSC Pharmstandard (LSE: PHST, MOEX: PHST RU) (the Company) approved the segregation of functions of the strategic and operational management between senior executives with an introduction of Chief Operating Officer (COO) to the organizational structure of the Company. The CEO of the Company will focus on strategic business development, while COO will be responsible for current operations of the Company and related issues, which he will be able to resolve as well as a Chairman of the Boards of Directors of pharmaceutical subsidiaries.
The Board of Directors of the Company met the early resignation of Vladimir Chupikov as the CEO of the Company due to the appointment to the position of COO of the Company, and elected Grigory Potapov as the CEO of PJSC "Pharmstandard", who previously held the position of First Deputy CEO. The Board of Directors also formed the new Management Board of PJSC "Pharmstandard", which now includes Grigory Potapov, Vladimir Chupikov and Dmitri Zaitsev.
Vladimir Chupikov will continue to coordinate the operating activities of producing facilities of the Pharmstandard Group as Chairman of the Boards of Directors of pharmaceutical subsidiaries.
The Board of Directors of PJSC "Pharmstandard" believes that this segregation of functions to the strategic and operational management, as well as proposed executives combination will strengthen management structure of the Company as a whole and will improve decision making efficiency of growing business at all levels, as Grigory Potapov has a significant experience in strategic management implementation, while Vladimir Chupikov, who is working in the Company since its founding in senior managerial positions, is involved in its operations like no other and has vast experience of successful resolution of the related issues.