Paris (ots/PRNewswire) – The 2016 Annual Report of PJSC “AVTOVAZ” and the new composition of its Board of Directors have been approved.

– AVTOVAZ Group on track to financial recovery in 2018.

Executives from the Renault-Nissan Alliance were elected to AVTOVAZ Board of Directors during its Annual General Shareholders Meeting which took place in Togliatti (Russia) today.

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The Board elections coincided with a financial update by AVTOVAZ at the Shareholders Meeting, where the company confirmed that it is on track towards a financial recovery in 2018. The turnaround strategy was endorsed at a meeting of the AVTOVAZ Board today.

The following individuals were elected to the Board of Directors of AVTOVAZ:

– Gaspar Gascon Abellan, Executive Vice President Engineering, Groupe Renault;

– Jose Vicente de Los Mozos, Executive Vice-President Group Manufacturing and Logistics, Groupe Renault;

– Jérôme Olive, Executive Vice President Manufacturing Engineering and Supply Chain Management, Renault-Nissan Alliance;

– Thierry Piéton, Senior Vice President, Group Financial Control, Groupe Renault.

The following individuals were re-confirmed as Members of the Board of Directors of AVTOVAZ:

– Sergei Skvortsov, Chairman of the Board of Directors of the Company;

– Denis Le Vot, Senior Vice President, Chairman of Eurasia Region, Groupe Renault, Vice Chairman of the Board of Directors of the Company;

– Vladimir Avitesyan, Deputy Chairman of the Board, UK ROSNANO;

– Thierry Bolloré, Executive Vice President, Chief Competitive Officer, Groupe Renault;

– Sergei Kogogin, Chief Executive Officer of PJSC “KAMAZ”;

– Nicolas Maure, President of PJSC “AVTOVAZ”;

– Stefan Mueller, Executive Vice President, Chief Performance Officer, Groupe Renault;

– Andrei Sapelin, General Director, JSC “RT-Finance”;

– Eduard Vaino, Vice President for Government and Shareholder Relations, PJSC “AVTOVAZ”.

– Sergei Zaitsev, Chairman Trade Union of PJSC “AVTOVAZ”;

– Igor Zavyalov, Deputy General Director, Rostec State Corporation.

At a meeting of the Board today, the company’s Directors confirmed the objective of reaching operating profit break-even in 2018 and approved the development roadmap for the Lada brand. The Board also heard that the performance of AVTOVAZ Group in first quarter 2017 signaled that the company was making progress towards a financial recovery in 2018.

The Renault-Nissan Alliance holds a majority stake in Alliance Rostec Auto BV. Vehicles carrying the Renault, Nissan, Datsun and Lada brands are built in Togliatti and at other plants throughout Russia.

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