OREANDA-NEWS. Brunswick Rail today announced that, after nearly seven years as CEO, Vladimir Lelekov will transition from his current role to focus on overall strategy in his capacity as Chairman of the Board’s Strategy Committee. The Strategy Committee will have an expanded role with closer oversight of the company’s strategic development, both organic and through M&A. In addition, Mr. Lelekov is working closely with the Board to appoint a successor, during which time he will remain acting CEO. 

Brunswick Rail is also pleased to announce that it has further strengthened its Board of Directors with the election of Ruben Aganbegyan, CEO of Otkritie FC, as an independent non-executive director. Mr. Aganbegyan brings a wealth of experience in Russian business and international finance, having previously worked as President of Renaissance Capital for seven years, and later as CEO of MICEX during which time he oversaw the landmark merger with RTS. It is expected that Mr. Aganbegyan will sit on the company’s Audit and Remuneration Committees.

Brunswick Rail Chairman of the Board Paul Ostling said:

“Vladimir has made an outstanding contribution to developing the company from scratch to become one of the leading and most profitable players in the sector today, having achieved a 2012 EBITDA of over USD 240 million and an EBITDA margin of more than 80%. We are very pleased to retain his expertise within the company as Chairman of the Strategy Committee.”

“We are also delighted to have someone of Ruben’s caliber joining our Board as an independent director. Ruben’s years of experience with international capital markets, as well as unrivalled local network and knowledge of the market, will add considerable value to Brunswick Rail as we look to continue our growth and take advantage of new market and industry opportunities.”

Brunswick Rail CEO Vladimir Lelekov said:

“As the owner of a significant stake in Brunswick Rail, my main focus is on creating sustainable value for all shareholders. I believe that my role as Chairman of the Strategy Committee will enable me to continue to help the business build significant value with reduced day to day commitment, while also allowing us to reinforce the existing management team with new talent to support our further expansion.”

New independent director Ruben Aganbegyan said:

“The leadership team at Brunswick Rail stands out as one of the best in Russia, and I am pleased to be joining the company at such an important time in its development. Brunswick Rail’s genuine commitment to proper corporate governance gives me confidence that I will be able to make a meaningful contribution as an independent director to the company’s continued growth.”

About Brunswick Rail
 Brunswick Rail is a private railcar operating lessor providing freight railcars to large corporate clients in Russia. Established in 2004, Brunswick Rail currently owns a fleet of over 22,000 railcars
(31-Dec-2012), which represents approximately 2% of the total Russian railcar fleet. For the 12 months ended 30 June 2012, the Company generated revenues of USD 271.9mm and EBITDA of USD 214.2mm. The Company’s total assets as of 30 June 2012 were USD 1.55bn.