Russia’s MDM Bank cuts executive board by one-third

By Andrei Skvarsky.

Russia’s MDM Bank slashed its executive board by one-third last week in a restructuring proposed by the firm’s new chief executive, Sergei Timofeyev.

All the 10 members of the new board, including Timofeyev, are to serve under five-year contracts as part of the managerial reform, praised by MDM chairman Oleg Vyugin as purportedly a way to greater transparency, according to Russian daily Kommersant.

As part of the reform, MDM abolished the job of head of retailing and put it under the control of three territorial branches of the Moscow-based firm.

MDM, which merged with Ursa a year ago, has 350 branches across Russia plus branches and representative offices in Almaty, London, Beijing and Prague.

  By Andrei Skvarsky. Russia’s MDM Bank slashed its executive board by one-third last week in a restructuring proposed by the firm’s new chief executive, Sergei Timofeyev. All the 10 members of the new board, including Timofeyev, are to serve under five-year contracts as part of the managerial reform, praised by MDM chairman Oleg Vyugin as purportedly ...