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Alliance Rostec Auto BV Announces AVTOVAZ Management Changes
Moscow (ots/PRNewswire) - Alliance Rostec Auto BV today announced that Bo Inge Andersson, CEO of AVTOVAZ, plans to step down from the Russian automaker.
Andersson came out of early retirement in 2013 to lead AVTOVAZ.
He continued the strategic turnaround of AVTOVAZ and he focused on process modernization, new product launches and technology transfers.
An AVTOVAZ Board of Directors' meeting is scheduled on March 15 at which time the Board is expected to announce Andersson's replacement. His successor will lead the turnaround into its next phase of operations.
The Renault-Nissan Alliance has a majority stake in Alliance Rostec Auto BV, a holding company that controls AVTOVAZ. Renault, Nissan and AVTOVAZ's Lada brand build vehicles together in Togliatti and other plants throughout Russia.
ABOUT THE RENAULT-NISSAN ALLIANCE
The Renault-Nissan Alliance is a strategic partnership between Paris-based Renault and Yokohama, Japan-based Nissan, which together sell one in 10 cars worldwide. The companies, which have been strategic partners since 1999, sold 8.5 million vehicles in nearly 200 countries in 2015. The Alliance has strategic collaborations with automakers including Germany's Daimler, Japan's Mitsubishi Motors, China's Dongfeng Motor, and India's Ashok Leyland. The Alliance also owns a majority stake in the joint venture which controls Russia's AVTOVAZ, maker of the Lada brand.
About Rostec State Corporation
Rostec State Corporation is a Russian corporation founded in 2007 for the purpose of promoting the development, production and export of hi-tech civilian and military industry products. It comprises 700 organisations, nine of which have now been formed as holding companies of the military-industrial complex, five of them are involved in civil industries and 22 are directly controlled. Rostec's portfolio includes recognised brands such as Avtovaz, Kamaz, Russian Helicopters, and VSMPO-AVISMA. Rostec's organisations are located in 60 constituent entities of the Russian Federation and supply their products to the markets of more than 70 countries. The revenue of Rostec in 2013 amounted to RUB 1.04 trillion. The tax deductions into the treasuries at all levels exceeded RUB 138 billion.
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