Avtovaz Gets New Board
By Henry Meyer
The Associated Press
MOSCOW — Russia’s biggest carmaker Avtovaz on Thursday elected a new board with top managers representing the state, news agencies reported, cementing control of a key company in the automobile sector after parallel moves to increase the state’s hold on the energy sector. The new chief executive is Igor Yesipovsky and the new chairman of the board is Vladimir Artyakov, both representing the state agency for arms export, Rosoboronexport, Interfax cited company sources as saying. The new board also has three representatives from the state-owned Vneshtorgbank and one from the Russian state agency for industry, the Dow Jones Newswires reported. Avtovaz declined to confirm the board appointments but said that an official announcement would be made later. Analysts said that the move to secure control of the carmaker was part of a strategic push by President Vladimir Putin to reassert state influence in the national economy. Under Putin, Russia has moved to snap up chunks of the strategically important oil sector and the state now controls around 30 percent of the national oil industry. The Kommersant newspaper reported last month that Rosoboronexport had taken a controlling stake in OAO Avtovaz. The company, which has a complicated and opaque ownership structure, has not confirmed or denied the report. Yesipovsky said Avtovaz, which makes the famed Lada car and is based in the southern city of Togliatti on the Volga river, would concentrate on “producing cheap Russian cars,” the Prime-TASS news agency quoted him as saying. The new chief executive said that the carmaker may reconsider its joint venture with General Motors Corp. called GM-Avtovaz, which manufactures the Chevy-Niva sport-utility vehicle because it is not making a profit, Interfax reported. Although Avtovaz has the largest share of Russia’s expanding auto market, it has steadily lost ground to foreign rivals whose brands appeal to domestic buyers. By taking control of Avtovaz, the government aims to rebuild a powerful national car industry but the growing state role in the Russian economy has attracted criticism even within Putin’s administration. An outspoken economic adviser to Putin warned Wednesday that Russia was turning into a “corporate” state dominated by big companies. Economic adviser Andrei Illarionov said political freedom has steadily declined, while government-controlled corporations stifled competition and ignored public interests.
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