Today at the meeting of Ukrnafta's Supervisory Board further important steps were taken to move the reform of the company forward.  In accordance with proposals made by Ukrnafta’s Executive Chairman Mark Rollins three key items were approved: a new structure for the Executive Board; the terms of employment contracts for three previously nominated new members; and a market-based remuneration policy for the top management of the company.

While the Supervisory Board approved three out of four nominated candidates for the Executive Board at the previous meeting on November 26, it was decided not to disclose their names until their employment contracts were approved. At today’s meeting all contracts issues have been duly considered and the final decision on the new managers appointment has been made.

The previously vacant job of CFO and member of the Executive Board was taken by an experienced expert in finance Iryna Yevets, coming from MTS-Ukraine, where she was also responsible for managing the finance function. Iryna is an MBA graduate from Rotterdam School of Management Erasmus University in the Netherlands, with over 20 years of management experience on senior positions in some of the largest companies of Ukraine.

Christopher Cox – a professional manager with 33 years of work experience in world leading oil companies – took the position of Executive Vice President Upstream and member of the Executive Board responsible for exploration and production activities. Mr. Cox, a UK citizen has succeeded Mykhailo Gnyp. After being rewarded with Bachelor’s degree from Imperial College London, he built his career in such companies as Chevron, Amerada and BG Group.

Another UK citizen - Jonathan Popper – accepted the role of Executive Vice President Corporate Development & Strategy and member of the Executive Board responsible for strategy, planning and business development activities. Earlier he held senior business development and commercial positions at such companies as BP Exploration and Petrofac Integrated Energy Services. Mr. Popper is an alumnus of Cambridge University and the University of Wales, and holds a Master’s Degree in Economics.

The newly appointed members will take up their duties as soon as relevant employment permits have been issued by the government authorities of Ukraine.

It is noted that further new nominations to the Executive Board will be announced in the next few weeks.

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