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Annual Report 2020

Rusagro announces the successor to the CEO of the Company

25.11.21

From 1 January 2022, Timur Lipatov will become Rusagro’s Chief Executive Director. Contract of Maxim Basov, current CEO, will expire on 31 December 2021.

At Rusagro Mr. Lipatov will focus on improvement of business operational efficiency through increase of processes efficiency, costs optimization, production culture development and implementation of digitalization strategy. Moreover, he will continue to expand global presence and product mix of the Company.

Vadim Moshkovich, Rusagro’s founder and the Chairman of the Board of Directors comments on the coming changes, “Together with Maxim Basov we have successfully built a company with leading positions on the market and among top-50 most quickly growing companies in Russia. However, today Rusagro operates on consolidated and highly competitive markets. Hence, we need to dedicate more efforts on improving internal efficiency, which will allow us to sustain growth of the Company’s value. I expect that Rusagro’s team headed by Timur will foster the creation of fundamentally new products to fulfill the mission of the Company – Make the live of the people longer and better.”

Timur Lipatov has great experience in large Russian and international industrial companies with high production culture. He has been working in Rusagro since 1 September 2021. Before that Mr. Lipatov headed OJSC Power Machines Machiny (Siloviye Mashiny) from 2018 to 2021 and from 2015 to 2018 he was CEO of JSC Inter RAO UES – Management of Electrogeneration. Under his management these companies demonstrated growth of financial and operational results. Previously, Mr. Lipatov held top positions at such companies, as E.ON Russia, OGK-3 and OGK-5, as well as Technopromexport.

Timur graduated with honors from National Research University "Moscow Power Engineering Institute" and International Independent University of Environmental and Political Sciences and received two specializations – in heat power and management. In 2012, he received MBA degree from European School of Management and Technology, Berlin, Germany.