CTC Media has appointed Natasha Tsukanova and Kaj Gradevik to its media board of directors. Ms. Tsukanova has also been appointed co-chairman of the board.
Both have been designated by MTG Russia, the company’s largest shareholder, to replace Jørgen Madsen Lindemann and Mathias Hermansson.
MTG Russia has a right under the company’s stockholders’ agreement to designate three of the nine members of the board and one of the co-chairmen.
Irina Gofman will continue to serve as MTG Russia’s third designee on the board.
Commenting on the appointments, Jørgen Madsen Lindemann, CEO of Modern Times Group MTG, said: “Now that the board has established an ongoing process and put in place advisers to enable the company to review and decide on its potential actions in order to comply with last year’s amendments to the Russian Mass Media Law, the time is right for us to designate members of the CTC Media board who are specialists in corporate structuring and capital markets transactions. Natasha and Kaj will continue our work towards the best possible outcome for CTC Media’s stockholders, and Irina will continue to bring her considerable operational experience to bear on discussions with the Board and management.”
Werner Klatten, chairman of the nominating and corporate governance committee of the board of directors of CTC Media, added: “We are delighted to welcome Natasha Tsukanova and Kaj Gradevik to the CTC Media board of directors. They bring extensive skills and experience to the board that will help us in responding to the challenging circumstances faced by the company. On behalf of the whole board, I thank Jørgen and Mathias for their considerable and valuable contributions to the company and the work of the board, especially in recent months as we have reviewed our alternative courses of action in light of the recent Russian legislative changes.”