The Board of Directors of United Machine Building Works considered and approved of the resignation of General Director Sergey Lipskiy due to expiration of contract on September 29, 2006. Deputy General Director and Director of OMZ-Atom division Evgeniy D. Sergeev was appointed acting GD.

Mr Lipskiy joined the company in 2003 in the capacity of the Executive Director and was promoted to General Director in 2004. Under his supervision, the company’s top management was able to reorganize and improve the production process in 2004-2005; the works also decided on its main strategic programs, including the one concerning the nuclear industry development. The works also designed and implemented the project aimed at making business more efficient and cutting expenses.

‘This resignation is Mr Lipskiy’s personal decision not in any way connected with the current state of events within the company or any clashes between the management and the shareholders. The current management team has reached good results and went through with everything that was planned for; besides, the company has been keeping up with its pace of development. The time has come to renew the company’s contract with the General Director, and Mr Lipskiy decided to resign yet remain the Member of the Board and update the corporate management on main strategic issues. Mr Sergeev is a very skilled manager with many years’ experience in nuclear industry development and great charisma, so the arrival of the new GD is not going to affect the performance of the works in any negative way whatsoever,’ says Chairman Alexei Matveev.