Sberbank of Russia and Mr. Rajat Gupta announce the change in the format of their relationship
2 May 2010, Moscow - Sberbank of Russia and Mr. Rajat Gupta announce the change in the format of their relationship. The parties have agreed that Mr. Gupta will continue contributing his very broad experience in strategic development and international business relations for the benefit of Sberbank in the status of a strategic advisor to its Executive Board. In connection with this Mr. Gupta has withdrawn his name from the ballot for the election to Sberbank’s Supervisory Board that will take place at the Annual General Shareholders Meeting 04 June 2010.
Such change of format will make the relationship between Mr. Gupta and Sberbank more efficient from the stand point of logistics and better focus on the bank’s strategic priorities.
The frequent last moment changes to the schedule of Sberbank Supervisory Board meetings make it very difficult for Mr. Gupta to attend such meetings in person due to the need for long distance travel arrangements. At the same time participation via conference calls in practice is not ensuring due efficiency. Having jointly considered this matter both sides have come to a conclusion that direct involvement of Mr. Gupta in Sberbank’s strategic tasks and projects as a strategic advisor will maximize the positive results of our joint efforts.
Sberbank President and Chairman of the Executive Board Herman Gref noted: “We are grateful to Mr. Gupta for his contribution to strategic transformation of our bank and hope that in the new format our cooperation will become even more fruitful.”
Mr. Rajat Gupta pointed out: “Sberbank is writing a new page into the history of strategic approach to developing banking business. And from the professional point of view direct involvement in the transformation of such scale is a unique opportunity. I will continue putting my best efforts to help Sberbank management team in achieving their ambitious goals.”
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