The Board of Directors has appointed Mr. Zhora Tsagareishvili (Georgiy Tsagareishvili) as a Director and Chief Executive Officer. Mr. Tsagareishvili (aged 34) has been working with XXI Century group for over six years and has been director of the real estate investment and development department of the Company's Ukrainian subsidiary since January 2007. In this capacity, Mr. Tsagareishvili has been supervising all real estate development work, has managed the team of architects, engineers and project managers and was also responsible for relations with local authorities and suppliers. Under his management Kvadrat-Perova shopping centre and residential projects Capitoliy and Parus in Kyiv were completed and put into operation.
Mr. Tsagareishvili also holds the position of managing partner in Anhely LLC, a security services company registered and operating in Ukraine.
Save as set out in this Announcement, there are no further disclosures to be made in accordance with paragraph (g) of Schedule Two to the AIM Rules.
Mr. Lev Partskhaladze retains the position of Chairman of the Board of the Company and relinquishes responsibilities of Chief Executive Officer. He will continue to be involved in the management of the Company, however will be devoting more time to strategic issues, including potential partnerships.
Mr. Partskhaladze commented: "With this appointment, the Board recognises Georgiy's proven management capability, professionalism and long-standing involvement with XXI Century. During these years, he gained a deep understanding of operating issues of the Company and the particularities of the real estate market in Ukraine. It is also very important that he enjoys support from all levels of management and therefore is in a position to organise and motivate our team during this critical period."
Mr. Tsagareishvili noted: "I am grateful to the Board for this appointment. I remain fully aware of the challenging period the Company is going through and recognise the importance of a pragmatic approach in dealing with the Company's affairs and its obligations to its various stakeholders. In this situation the immediate focus and priority of the Company will be on restructuring our various financial obligations, maintaining the core properties and management team and seeking new capital. We intend to recover from today's crisis conditions and maintain our leading position in Ukraine's real estate market."
Combining Nomination and Remuneration Committees
The Board also decided to combine the Remuneration Committee and Nomination, since the work and responsibilities of the two Committees frequently overlap. The Directors agreed that it would be more practicable and efficient to combine the work of these two Committees, and believe that it will not impair the interests of the Company and its shareholders.
Mr. Jaroslav Kinach, a Director of the Company, was appointed as Chairman of the Remuneration and Nomination Committee. The Board intends to appoint an independent non-executive director to chair the Remuneration and Nomination Committee once the Company has greater visibility of its financial position.
Source: XXI Century