KMG EP reappoints Askar Balzhanov as the Chief Executive Officer
JSC “KMG EP” (“KMG EP” or the “Company”) announced that at anextraordinary meeting of the Board of Directors held today, Askar Balzhanov was elected GeneralDirector (CEO).
The main shareholder of KMG EP – National Company KazMunaiGas (KMG) – proposed thereplacement of Kenzhebek Ibrashev, due to his transfer to another important area of work within theKMG Group of companies.
The initiative was supported by the Independent directors of the Company, who noted that the proposedcandidate to the post of CEO is well known to the market, and in light of his credentials and suitability forthe job. Askar Balzhanov led the Company from June 2006 to May 2009. Since June 2006 he was amember of the Board of Directors and since March 2010 – Chairman of the Board of Directors of KMGEP.
Askar Balzhanov led the Company through the IPO; he knows the Company well and will be able toensure continuity in its further development.
The Board of Directors thanked Kenzhebek Ibrashev for his efficient and fruitful work as the CEO ofKMG EP. Under his leadership, the Company has achieved significant results: in particular, a number ofimportant acquisitions of new assets in Kazakhstan and abroad took place, a revised strategy fordevelopment of the Company up till 2020 has been developed and adopted, success in exploration hasbeen reached, and a new Collective Agreement has been signed.
Askar Balzhanov will begin working as CEO of the Company effective 8 April 2011.
Since the Code of Corporate Governance of the Company does not allow the roles of Chairman of theBoard of Directors and that of Chief Executive Officer to be combined, Sisengali Utegaliev willtemporarily become Acting Chairman of the Board of Directors of KMG EP. It is expected that NC KMGwill nominate a new member of the Board of Directors to be elected at the Annual Meeting ofShareholders, which is scheduled for 5 May 2011. Until then Kenzhebek Ibrashev will remain a memberof the Board of Directors of the Company.
Source www.kmgep.kz
