KMG EP announced that Askar Balzhanov was elected as General Director (CEO).
The main shareholder of KMG EP - National Company KazMunaiGas (KMG) - proposed the replacement of Kenzhebek Ibrashev, due to his transfer to another important area of work within the KMG Group of companies.
The initiative was supported by the Independent directors of the Company, who noted that the proposed candidate to the post of CEO is well known to the market, and in light of his credentials and suitability for the job. Askar Balzhanov led the Company from June 2006 to May 2009. Since June 2006 he was a member of the Board of Directors and since March 2010 - Chairman of the Board of Directors of KMG EP. Askar Balzhanov led the Company through the IPO; he knows the Company well and will be able to ensure continuity in its further development.
The Board of Directors thanked Kenzhebek Ibrashev for his efficient and fruitful work as the CEO of KMG EP. Under his leadership, the Company has achieved significant results: in particular, a number of important acquisitions of new assets in Kazakhstan and abroad took place, a revised strategy for development of the Company up till 2020 has been developed and adopted, success in exploration has been reached, and a new Collective Agreement has been signed.
Askar Balzhanov will begin working as CEO of the Company effective April 8, 2011.
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