WSJ: Chemezov has confirmed the dismissal of the head of “AVTOVAZ”

WSJ: Chemezov has confirmed the dismissal of the head of “AVTOVAZ”

NEW YORK, March 4. The head of Rostec Sergey Chemezov in an interview with The Wall Street Journal confirmed the imminent dismissal of the head of the automaker “AVTOVAZ” Bo Andersson.

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“We’ve got to change this person. That’s all,” said Chemezov. He said that the final decision will be made on 9 or 10 March at the Board of Directors of the company.

However, the source familiar with the situation confirmed that a decision on the Andersson will be taken at the next meeting of the Board of Directors, which date is not appointed yet. “But it’s not 9-10 March,” he said.

On March 3 it became known that 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, they will be a foreigner, said this source.

By the end of 2015 AVTOVAZ loss under IFRS at RUB 74 billion and a negative cash flow, and stated in the statements that without the support of shareholders may be unable to service debt and continue operations.

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The company invested in the launch of new models – X-Ray and Vesta.

Earlier, Chemezov said that does not support methods for global reductions of the “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”.