Russia's AutoVAZ appoints new CEO

16:36 28/08/2009

Multimedia

SAMARA, August 28 (RIA Novosti) - The board of directors of Russian auto concern AvtoVAZ have appointed Igor Komarov as the company's new president, AvtoVAZ said in a press release on Friday.

Former company president Boris Alyoshin announced his decision to resign from the post on Tuesday.

"The board of directors has accepted Boris Alyoshin's resignation from the post of company president," a company statement read.

According to the statement, Igor Komarov, 45, previously worked as deputy director general at state-run Russian Technology Corporation from October 2008 before being appointed as AvtoVAZ deputy CEO in May 2009.

AvtoVAZ net profits declined to 14.2 billion rubles ($449 million) in the first half of 2009 with sales in Russia falling 50.2% amid the global financial downturn. In 2008, Russia overtook Germany as Europe's largest auto market with around 1.63 million new car sales.

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Russia's AvtoVAZ appoints new CEO

16:36 28/08/2009 The board of directors of Russian auto concern AvtoVAZ have appointed Igor Komarov as the company's new president, AutoVAZ said in a press release on Friday.>>

Other news of the day