The state Corporation rostec, which owns a blocking stake in AVTOVAZ, began the search for a candidate to replace Bo Andersson as President of the company-manufacturer. About it the newspaper “Vedomosti” said three people close to the automobile plant.
Sources told that the work of Andersson dissatisfied with both shareholders of AVTOVAZ — Renault-Nissan Alliance and state Corporation “rosteh” (in both companies declined to comment).
Earlier on February 26, a source close to one of shareholders of factory, and familiar Andersson said that the shareholders of the plant can make question about the change of President in the agenda of the Board of Directors. That the President of AVTOVAZ looking for a replacement, heard two more sources close to the plant. But, according to all interviewees , the decision to change the President of the plant yet.
The current three-year contract Andersson expires in December 2016. Several sources have confirmed that the proposal to take the post of AVTOVAZ President was made the CEO of Kogogin KAMAZ will turn gray, but he refused. One of the sources told that the lead plant was offered to the former Director of Assembly and body production of AVTOVAZ, and now Executive Vice President of electric cars of Renault-Nissan South Demarchelier, but he did not give consent.
In Andersson’s contract, which expires at the end of 2016, fixed targets. Basic — achieving market share of 20% and the output of AVTOVAZ to break even at a 6% operating margin. While none of the conditions are not met. By the end of 2015, the plant received a record loss of 74 billion roubles under IFRS — three times more than the year before. Loss from operating activities increased more than eight-fold to 66.8 billion rubles Market share of AVTOVAZ, according to the Association of European businesses, by the end of 2015 amounted to 16.8%.
In the conclusion to the IFRS for the year 2015 automobile auditor Ernst & Young expressed “significant doubt in the ability of JSC “AVTOVAZ” and its subsidiary organizations to continue their activities continuously”.
Representatives of Renault, Nissan and Datsun did not comment on a possible change of management of AVTOVAZ, the representative of KAMAZ declined to comment, Demarchelier could not be reached. The representative of AVTOVAZ did not respond to a request .
According to a source “Interfax”, the question of replacing Andersson will be considered at the meeting of the Board of Directors on 4 March. At the same time, another Agency source said that “there is no Council meeting on March 4 is not planned”. Another source said that Bo Andersson will operate at least until the end of his current contract.
Chairman of the Board of Directors TopContact Arthur Shamilov said “Vedomosti” that the beginning of finding a successor may not mean early retirement of the current President of AVTOVAZ, as the top Manager of this level is 6-9 months.