En+ Group Announces Management Changes Amid Financial Decline
Russian energy and metallurgical holding En+ has announced significant changes in its top management. Mikhail Khardikov has completed his term as CEO of En+, according to a company announcement. The Board of Directors has approved Vladimir Kolmogorov, previously the director of Eurosibenergo, as the new CEO of En+. Kolmogorov has extensive experience, having served as the first deputy general director of En+ for seven years, focusing on technical policy and holding senior positions at major energy enterprises.
En+ is a major producer of aluminum and electricity, combining power generating assets with aluminum production through a controlling stake in UC RUSAL. These operations are the primary consumers of En+'s hydroelectric power.
The company has reported a substantial decrease in its financial performance for 2023. Net income fell by 61.2% to $716 million, down from $1.85 billion in 2022. Revenue declined by 11.5% to $14.65 billion. The steel segment saw a revenue drop of 12.6% to $12.2 billion, while the energy segment experienced a 7.7% decline, bringing in $3.59 billion. Adjusted EBITDA also decreased by 30.8% to $2.16 billion.
The appointment of Kolmogorov as CEO comes at a critical time for En+ as it navigates through these financial challenges and aims to stabilize its operations under new leadership.
