OMZ's Board of Directors Appoints Danilenko as New CEO

OMZ's Board of Directors approved the dismissal of Mr. Valeri Chernyshev according to his own wish and appointed Victor Danilenko as the Company's new Chief Executive Officer.

Mr. Danilenko started his career in 1977 at the Podolsky Machine-Building Plant "Ordzhonikidze" where he was promoted from an engineer to the director of the manufacturing complex dedicated to production of nuclear power plant equipment. Between 1992 and 1997 Mr. Danilenko held the position of first vice president and later first deputy CEO of OJSC Podolsky Machine-building Plant.

In 1997 Victor Danilenko was appointed the CEO of the OJSC Podolsky Machine-building Plant. Between 1999 and 2006 he held the position of CEO of OJSC Machine-building Plant "ZIO Podolsk" and from 2006 to 2007 he was the CEO of OJSC "Energy Machine-building Alliance Atom". Mr. Danilenko has been the Chairman of the Presidium of the Union of Industrialists and Entrepreneurs' Moscow Region chapter since April 2005.

Victor Danilenko is a graduate of the Ivanovsky Energy Institute.

"Currently OMZ is actively working towards ensuring effective development of all its business segments in the context of the overall development of Russian industry" noted Farid Kantzerov, Chairman of the Board of Directors of OMZ. "Our goal is to increase the capitalization of OMZ and to achieve leading market positions in all of our businesses. In this regard, at the end of last and the beginning of this year the Board of Directors of OMZ approved concrete development plans and investment programs. Victor Danilenko's role as the new CEO of OMZ is to ensure the implementation of these programs, which include the modernization and upgrade of the production capacities of OMZ, development of R&D, attracting qualified personnel and others."