PhosAgro has announced that its board of directors has elected independent director Xavier Rolet as its chairman. The board of directors also re-elected as its deputy chairman Andrey Guryev, vice president of the Russian Union of Chemists.
This decision has been taken by the new members of PhosAgro’s board of directors, elected by the annual general meeting of shareholders.
Xavier Rolet will take up the baton as chairman from Sven Ombudstvedt. Before joining PhosAgro in May 2018 as an independent director, Rolet successfully led the London Stock Exchange Group for more than eight years.
PhosAgro CEO Andrey Guryev said: “Sven Ombudstvedt has led the PhosAgro Board of Directors since our IPO in 2011. His knowledge and experience have made a significant contribution to the company’s successful development. During Sven’s time as chairman of the board of directors, PhosAgro has successfully developed and implemented its strategy to 2020, which has delivered sustainable growth in production capacity while strengthening our position as one of the lowest cash cost of production producers globally. Sven has been instrumental in establishing PhosAgro as a company that implements best practices in corporate governance and strictly adheres to the requirements for publicly listed companies in the UK and Russia.
“Under Sven’s leadership, PhosAgro has also focused on continuing improvements in its environmental and workplace safety performance.
“Looking ahead, I am very happy to welcome Xavier Rolet to his new role as chairman of the board of directors. As a company listed on the London Stock Exchange, we have known Xavier for many years. His excellent understanding of the investor community and knowledge of corporate governance practices will play a key role in PhosAgro’s development as a global company that engages with a wide range of international stakeholders, from investors to regulators to crop nutrient customers in 100 countries around the world.
“As we kick of our strategy to 2025, which will be presented in detail to investors this autumn at our capital markets day, Xavier Rolet will play a key role in PhosAgro’s next stage of development.”
Rolet said: “Ever since becoming a public company, PhosAgro has been committed to upholding high standards of corporate governance and information disclosure, and maintains a majority of independent directors on the board of directors.
“It is a great honour for me to be appointed to such an important position, and I intend to continue with the pace of improvements to the work of the board of directors that was set by Sven Ombudstvedt.
“PhosAgro is at a very important point of its development as it begins implementation of the strategy to 2025, which aims to further strengthen our competitive advantages by increasing efficiency and production volumes. I have no doubt that PhosAgro will once again successfully deliver on its strategic goals: the company has high-quality production assets and a highly professional team with tremendous experience and expertise, which helped PhosAgro to achieved all of the key objectives of the previous strategy ahead of schedule. I will be happy to contribute to strengthening this unique growth story."
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