"Сумма" вычла и прибавила президента
Ziyavudin Magomedov’s Summa Group changes top management. Alexander Vinokurov has been replaced by Vladimir Kayashev as the President of the Group. Mr. Kayashev is the former head of the TPS Group.
Vedomosti has learned that the president of Summa, Alexander Vinokurov, has left the company. His place will be taken by former president of the TPS Group, Vladimir Kayashev. This news comes from a close acquaintance of the top manager and has been confirmed by a representative of Summa.
For now, Mr. Vinokurov will remain at Summa as an advisor to the Chairman of the Board of Directors Ziyavudin Magomedov, according to a Vedomosti source. In this capacity he will continue working on a number of projects, in particular the construction of the Zarubino Port. In addition, the former president of Summa will continue his work on the boards of directors of the Group’s largest “affiliates”: Novorossiysk Commercial Sea Port (NCSP), the United Grain Company (UGC) and Fesco.
Mr. Vinokurov “set the right direction and implemented an effective development strategy for the Group,” said Mr. Magomedov. The most significant transactions took place under his leadership, and tight relationships were built between the Summa Group and its subsidiaries. “He is a talented and ambitious manager, and I believe that our cooperation will continue even after his departure,” Mr. Magomedov said about Vinokurov.
During his more than three years at the helm of Summa, Mr. Vinokurov was able to assemble a team of managers, succeeded in building an effective system of relations and divided powers between the management company and its holdings, according to a source in Summa. Two acquisitions, according to this source, are the most significant – the purchase of a 71% stake in Fesco from the Industrial Investors Group of Sergey Generalov (GHP Group and TPG Group were partners of Summa in this transaction) and a 50% stake in the UGC from the government. The first transaction cost Summa and its partners $1.23 billion, and the second – 5.9 billion rubles. The initiator of the transaction with Fesco was Vinokurov himself, it was learned earlier from a person who is familiar with events at Summa. The now former president of the Summa was good at organizing mergers and acquisitions, says the acquaintance of the top manager. Henceforth Vinokurov will be working on his own projects, said one of the interlocutors of Vedomosti.
The ex-president of the Summa is a co-owner of the Genfa Company (engaged in the distribution and packaging of medication, $100 million). Last week it was learned that this company created a joint venture (JV) with Rostec. This joint venture will produce medicines that will replace expensive foreign imports, thus making drugs more affordable, says a Rostec press release. Vedomosti’s source did not reveal if the former president of Summa has any other businesses.
Vinokurov himself refrained from making any official comments.
His successor Kayashev has, according to Mr. Magomedov, “extensive experience”, which will become useful in “improving the operational efficiency and quality of the group’s assets.” In 2005-2010, he had worked in a company that is today an “affiliate” of the Summa – the NCSP, as the vice president in charge of strategy. Before that, from 2003 to 2005, he served as Chairman of the Board of Directors for the Russian General Bank, and after leaving the NCSP, he led the investment company TPS Group.
Two of its co-owners – Alexander Ponomarenko and Alexander Skorobogatko – until 2010 had also been the co-owners of the NCSP. In the autumn of 2010, these two sold their stakes to Summa and Transneft. The third co-owner of TPS Group was Arkady Rotenberg. In 2011, Mr. Kayashev moved to Gazprombank, where he worked for about a year. In the first half of 2014, the key companies of Summa showed mixed results. Revenues of the NCSP, based on IFRS, grew by 23% over the corresponding period in 2013 – to 17.8 billion rubles. Net income increased 11-fold to 4.8 billion rubles. The revenues of Fesco (IFRS) grew by only 4%, and the first half of the year, the company ended with a loss of 670 million rubles. The revenues of the UGC (based on RAS) totaled 5.5 billion rubles, with a net profit of 109 million rubles. (The company did not disclose its financial results for January-June 2013).
Improving operational efficiency – is commonplace practice for all companies in the transport sector, says Andrey Rozhkov, analyst at IFC Metropol. In the case of Fesco, this may, for example, lead to asset optimization – that is, the selling of businesses which are not considered core assets – not involved in the transportation of containers, he concludes.