MMC Norilsk Nickel (MNOD)
NORNICKEL ADOPTS DIVISION-BASED ORGANISATIONAL STRUCTURE
06-Aug-2020 / 18:25 MSK
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PRESS RELEASE
Public Joint Stock Company «Mining and Metallurgical Company «NORILSK
NICKEL» (PJSC "MMC "Norilsk Nickel", "Nornickel" or the "Company")
NORNICKEL ADOPTS DIVISION-BASED ORGANISATIONAL STRUCTURE
Moscow, 6 August, 2020 - Nornickel, the world's largest producer of
palladium and high-grade nickel and a major producer of platinum and copper,
continues to streamline its organizational structure, with the Group's core
operations will be grouped into three divisions - Norilsk, Kola and
Trans-Baikal. The Management Board approved new structure on August 5th.
These three divisions represent Nornickel's three key production sites in
Russia. The divisions will combine the Group's facilities located in the
respective regions involved in core operations (mining, metallurgical) and
all auxiliary activities (energy supply, service and repairs, etc.),
including those which do not directly support core operations. The current
legal structure of the Group's subsidiaries will remain unchanged. The
corporate head-office will retain control over Group-wide business lines
(such as HR, finances, legal and security) as well as continue to oversee
operations, logistics, sales and distribution and strategic projects.
Nikolay Utkin, Director of Polar Division, will become the head of the new
Norilsk Division. He will be also appointed Senior Vice President.
Evgeny Borzenko, CEO of Kola MMC, will become the head of the new Kola
Division. Finally, Trans-Baikal Division will be led by Alexander Popov,
currently the CEO of Bystrinsky GOK. Both Evgeny Borzenko and Alexander
Popov will be also appointed Vice Presidents.
The adoption of the division-based model has become feasible following the
successful consolidation of service functions in a shared services centre
and thanks to the high level of maturity and automatization of business
processes, which have been achieved by the management team over the recent
years.
The adoption of the new organizational structure will make be an important
addition to the actions taken earlier in response to the recent
environmental incidents. With the bolstered environmental functions and the
newly-established risk committee chaired by the Company's President,
formation of the divisions is expected to strengthen responsibility as well
as operating and investing authority of their management while the head
office retains its strategic competence.
The investment project management system will be revised to enhance
disciplined implementation of investment programme, with an increase in
investment limits for production facilities.
"The new division-based system paves the way for remarkably better corporate
governance by spurring decision-making at production sites and raising the
responsibility of their leadership. Divisions will bear comprehensive
operational responsibility for production, infrastructure, financial
performance, and risk management within their remit," said Nornickel's
President Vladimir Potanin.
ABOUT THE COMPANY
MMC Norilsk Nickel is a diversified mining and metallurgical company, the
world's largest producer of palladium and high-grade nickel and a major
producer of platinum and copper. The company also produces cobalt, rhodium,
silver, gold, iridium, ruthenium, selenium, tellurium, sulphur and other
products.
The production units of Norilsk Nickel Group are located at the Norilsk
Industrial District, on the Kola Peninsula and Zabaykalsky Krai in Russia as
well as in Finland and South Africa.
MMC Norilsk Nickel shares are listed on the Moscow and on the
Saint-Petersburg Stock Exchanges, ADRs are traded over the counter in the US
and on the London, Berlin and Frankfurt Stock Exchanges.
Media Relations: Investor Relations:
Phone: +7 (495) 785 58 00 Phone: +7 (495) 786 83 20
Email: pr@nornik.ru Email: ir@nornik.ru
ISIN: US55315J1025
Category Code: MSCM
TIDM: MNOD
Sequence No.: 80543
EQS News ID: 1112383
End of Announcement EQS News Service
(END) Dow Jones Newswires
August 06, 2020 11:25 ET (15:25 GMT)
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