April 23 2008, 09:08

Kyiv: Fozzy changes the structure of the corporate governance

The trade-industrial holding Fozzy Group announced the creation of the new structure of the company. This decision was made in order to improve the corporative governance because of the significantly increased businesses of the holding, RetailStudio.org informs.

As of today, the structure of Fozzy Group holding looks as follows:

- The managing company "Fozzi", chaired by Vladimir Kostelman, the President of the Company, which is occupied with the strategic control of the work of the trade, industrial and other businesses; it also develops new businesses of the company.

- The trade business which includes "Silpo" supermarket chain, "Fora" stores chain, Fozzy C&C hypermarket chain, "Bud zdorov" drugstore chain and the internet-shop Gonza.

- The industrial business which includes Nezhinskiy cannery, Malinskiy meat processing plant, "Varto" poultry factory, and also the municipal service "Eco-Service Ukraine".

- The restaurant business represented by Czech restaurant "At lame Paul's" and Prad-A-Cafe restaurant.

The supervisory council will enter into force in order to agree upon the joint plans of the managing company and the businesses, and also to control the implementation of the strategic decisions. The insignificant changes will take place into structure divisions, the legal entities, in order to optimize the achievement of the tactical goals. All available assets will still be owned by Fozzy Group holding.

These changes are a part of the company development strategy focused on the maintenance of the leader's position on market and the support of the rapid development rates. So, all businesses of the holding will timely respond to the market challenges and will make the same flexible managing decisions.

Vladimir Kostelman, the President of Fozzy Group holding said: "The fruitful work on the sophistication of the business processes in the sphere of the corporate governance has been going on in the company for several years. All efforts are focused on the creation of such system which let the directors of the businesses be quite autonomous and the businesses be transparent enough for the shareholders. Also, during this process the businesses of the group have been employing the efficient professionals of both Ukrainian and foreign markets".