Source: the shareholders of “AVTOVAZ” are defined with the new head company

MOSCOW, March 3. Shareholders of the largest Russian manufacturer of cars of group “AVTOVAZ” solve the issue with the new head of the company. Said a source close to AVTOVAZ. Most likely, it will be the foreigner, he said.

“This issue is not yet resolved, a new nominee has not yet been approved,” – said the Agency interlocutor.

The current head of the automaker Bo Andersson will probably leave his post in the near future, he said.

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AvtoVAZ amid falling sales suffer financial losses and staff cuts. In 2014, the plant reduced the staff by approximately 20% in 2015 and by another 14%. Today, the number of employees is about 44.5 thousand people.

By the end of 2015 AVTOVAZ loss under IFRS at 74 billion rubles, as well as negative cash flow, and stated in the statements that without the support of shareholders may be unable to service debt and continue operations. The company invested in the launch of new models Vesta and XRay.

Earlier, the head of Rosteh Sergey Chemezov said that the methodology does not support global reductions, held at “AVTOVAZ”.

The controlling carmaker owned by the Renault-Nissan Alliance (Renault already said that discussing the possibility of restructuring the debt of its subsidiaries), unit pack GC “rostec”.

Minister of industry and trade Denis Manturov earlier said that the issue with the management of the company must be decided by the shareholders, however, the Ministry of industry and trade will monitor its work.