Wimm-Bill-Dann Foods OJSC Announces New Chairman of the Board of Directors
May 17 2010 - 9:00AM
Business Wire
Wimm-Bill-Dann Foods OJSC [NYSE: WBD] today announced that
David Iakobachvili has stepped down as Chairman of the Board of
Directors but will remain on the board. By today’s decision of the
new Board of Directors, elected by the AGM held on 14th
of May 2010, Sergey Plastinin has been elected the new Chairman
of the Board of Directors.
Commenting on the announcement, David Iakobachvili said: “It has
been a great honour to be chairman of Wimm-Bill-Dann since 1992. I
have watched with pride as the company has matured over the last 18
years into a truly multinational player. I came to the decision, in
consultation with the other directors, that it was the right time
for me to step aside and allow Sergey to take up the challenging
and rewarding role of Chairman. I intend to spend greater time on
projects aimed at the macro development of the dairy sector, such
as the Russian Dairy Union, as well as my work on the Board of the
Russian Union of Industrialists and Entrepreneurs, Rusbrand and a
number of other projects that are close to my heart. I remain
completely committed to continuing my work as a member of the board
of Wimm-Bill-Dann.”
Sergey Plastinin, the newly elected Chairman of the Board, said:
“David Iakobachvili has set a very high standard as
Wimm-Bill-Dann’s ambassador. That is why I see my mission in
continuing what he has begun, further enhancing the company’s
already world-class standard of corporate governance. As the
Chairman I will do my best to ensure that the board fulfills its
mission of providing strategic guidance and oversight in the
interests of all of our shareholders. I would like to thank David
for his service as chairman and am glad he will continue to play an
important role as director.”
Some of the information contained in this press release may
contain projections or other forward-looking statements regarding
future events or the future financial performance of Wimm-Bill-Dann
Foods OJSC, as defined in the safe harbor provisions of the U.S.
Private Securities Litigation Reform Act of 1995. We wish to
caution you that these statements are only predictions and that
actual events or results may differ materially. We do not intend to
update these statements to conform them to actual results. We refer
you to the documents Wimm-Bill-Dann Foods OJSC files from time to
time with the U.S. Securities and Exchange Commission,
specifically, the Company's most recent Form 20-F. These documents
contain and identify important factors, including those contained
in the section captioned "Risk Factors" in our Form 20-F, that
could cause the actual results to differ materially from those
contained in our projections or forward-looking statements,
including, among others, potential fluctuations in quarterly
results, and risks associated with our competitive environment,
acquisition strategy, ability to develop new products or maintain
market share, brand and company image, operating in Russia,
volatility of stock price, financial risk management, and future
growth.
NOTES TO EDITORS
Wimm-Bill-Dann Foods OJSC was founded in 1992 and is the largest
manufacturer of dairy products and a leading producer of juices and
beverages in Russia and the CIS. The company produces dairy
products (main brands include: Domik v Derevne, Neo, 2Bio, 33
Korovy, Chudo and more), juices (J7, Lubimy Sad, 100% Gold),
Essentuki mineral water and Agusha baby food. The company has 37
manufacturing facilities in Russia, Ukraine, Kyrgyzstan, Uzbekistan
and Georgia with over 18,000 employees. In 2005, Wimm-Bill-Dann
became the first Russian dairy producer to receive approval from
the European Commission to export its products into the European
Union.
In 2009, Standard & Poor's Governance Services confirmed
WBD’s governance, accountability, management, metrics, and analysis
(GAMMA) score “GAMMA- 7+”. The score reflects the effective work of
the Board of Directors and, in particular, the real influence of
independent directors in the decision-making process and the
adherence of the controlling shareholders to the highest standards
of corporate governance.
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