New CEO of Russian Sea Company to boost turnover to $500 million

Controlling shareholder and Board Chairman of Russian Sea Group (vertically integrated fish processing holding) Mr. Maxim Vorobyov who has returned to the company's day-to-day management for the period of crisis is now ready to hand his powers over to a hired manager, reports www.fishnet-russia.com (www.fishnet.ru) with reference to Commersant.

More specifically, as of 7 September 2009 Russian Sea will be headed by new general director Alexey Mekhanik, ex-head of Natur Produkt pharmaceutical holding. Mr. Mekhanik has been promised an option including a share in the company after its listing on the stock exchange.

The holding's founder Maxim Vorobyov and Alexey Mekhanik have reportedly both confirmed the information. Mr. Mekhanik says he will have it as a target "to lead the company to the new level" (in terms of the sales system and new labels) and bring the turnover to 500 million USD within four-five years (according to Spark-Interfax, in 2008 the holding had a turnover of 5.22 billion RUR).

At his new post Mr. Mekhanik is also planning to prepare Russian Sea to potential IPO. Before the economic crisis the holding planned to place up to 20% of shares of OAO Russian Sea (plc), the holding's head company, at stock exchanges in Russia and London. According to Maxim Vorobyov, when choosing the structure to conduct the IPO he will rely on the recommendations of underwriters, who will give pros and cons for Renaissance Capital and VTB which estimated the company's value at 1.2-1.7 billion USD before the crisis.