Metalloinvest Announces Leadership Change and Salary Increases
Nazım Efendiev will depart from his role as chief executive officer of Metalloinvest and will chair the company’s board of directors, a shift reported by TASS with reference to Metalloinvest itself. An official statement confirms that the board chair position will be filled by Efendiev as he steps away from day to day management.
Oleg Krestinin, who has served as acting CEO, is set to oversee the company’s business activities moving forward. The announcement notes that the move is part of a broader restructuring of senior management designed to support Metalloinvest as it enters a new development phase.
Krestinin previously handled Metalloinvest’s commercial operations, directing activity in both domestic and international markets. His appointment to lead the company’s operations reflects a continuity plan intended to sustain momentum in the firm’s strategic initiatives and market execution.
In a related development, Metalloinvest has continued its practice of adjusting employee compensation. In September, the company confirmed plans to increase employee income by eight percent for a second time in the year, with the increases taking effect on October 1, 2023. The cumulative effect of these adjustments means employee earnings rose by fourteen percent during 2023. This step follows earlier wage increases announced by the company, including a prior six percent rise.
The leadership transition and compensation actions underscore Metalloinvest’s focus on strengthening governance while maintaining competitive compensation in a global market for iron ore products and hot briquetted iron. As a producer and supplier with a reach across international markets, Metalloinvest aims to align executive leadership with its growth strategy and market position, while continuing to support its workforce through regular pay adjustments noted in public statements and investor communications. and company communications.