SAMARA, May 31 (PRIME) -- Russia’s largest car producer AvtoVAZ will fulfill its plans to recover production and develop the company thanks to the appointment of Industry and Trade Minister Denis Manturov as chairman of its board of directors, Samara Region’s Governor Dmitry Azarov told reporters late on Monday.
Manturov replaced former AvtoVAZ CEO Nicolas Maure earlier in the day.
“The decision creates certainty that the plant will weather the difficult situation and fulfill the drafted plans for recovery of production and development of the venture,” he said.
Manturov’s chairmanship is very important, as he will have a direct influence on the management decisions, Azarov said.
Car producer Renault Group left Russia, and transferred its stake in AvtoVAZ to the State Research Center of Russia and the facility Renault Russia to the city of Moscow. As a result, the Moscow government owns 100% in Renault Russia, the State Research Center of the Russian Federation holds 67.69% in AvtoVAZ, while industrial holding Rostec retains the remaining stake.
On May 23, former Vice Governor of St. Petersburg Maxim Sokolov was appointed as CEO of AvtoVAZ, replacing Maure.
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