Gulzhan Moldazhanova has been appointed Chief Executive Officer of Basic Element Group, the Company said on Tuesday. Gulzhan Moldazhanova replaces Russian billionaire Oleg Deripaska, who has been CEO of the Group since March 2009. Deripaska will hold the post of the Chairman of the Supervisory Board.
“Basic Element has successfully overcome the challenges faced during the global economic downturn while also resolving its debt issues. It is now ready to move to a new stage of development and to implement a revised long-term strategy which reflects current international and Russian market conditions. The company's key objective is to increase the competitiveness and efficiency of its businesses by further strengthening the executive team and implementing best practices in management and operational processes and social investment initiatives. Basic Element will also continue to identify new projects and opportunities for its business development,” the Group statement said.
About Basic Element
Basic Element is one of Russia's leading diversified industrial groups. Basic Element's companies are controlled by or are within the scope of Oleg Deripaska's business interests. Through its affiliates, Basic Element owns significant stakes in and manages dozens of companies operating in several market sectors, including energy, manufacturing, financial services, construction, aviation, agriculture and others. The Group consists of over 100 companies that between them employ more than 250,000 people across Russia, the CIS, Africa, Australia, Asia, Europe and Latin America. Many of Basic Element's companies play key roles in their respective market segments in Russia and internationally, including En+ Group, GAZ Group, Glavstroy, Basel Aero and others.