Alexander Afanasiev steps down as CEO of Moscow Exchange

Alexander Afanasiev steps down as CEO of Moscow Exchange

Moscow Exchange (MOEX)’s Supervisory Board announced that Alexander Afanasiev will step down from his role as Chief Executive Officer. In line with best corporate governance practices, the Board has engaged in a succession planning process over the last year, supported by professional consultants.

The Board has already recommended the appointment of Yury Denisov as CEO, pending approval of his candidacy from the Bank of Russia. Upon this approval, the Board plans to confirm Yury Denisov in this role.

Alexander Afanasiev will remain as CEO until 15 May 2019.

Oleg Viyugin, Chairman of the Moscow Exchange Supervisory Board, said:

Moscow Exchange has completed the implementation of its current five-year strategy – the backbone for substantial growth of the company’s business – ahead of schedule. Future growth of shareholder value will be driven by implementation of the new strategy, which the Supervisory Board initiated in 2018 and which is designed to create qualitatively and technologically new infrastructure services for the Russian financial market. At the same time, the Board has also completed a search for a new CEO, who will oversee the finalization and implementation of the new strategy. We plan to approve and present MOEX’s new strategy to shareholders and clients in the next few months.

Yury Denisov has served on the Exchange’s Supervisory Board for ten years, and chairs the Supervisory Board of the National Clearing Centre (NCC). He has played a critical role in the work of the Exchange’s supervisory bodies, and been instrumental in developing the new strategy; he also possesses deep financial markets expertise and has a firm grasp of the Exchange’s work and the needs of its clients. We believe that he is a leader fully capable of guiding the Moscow Exchange team toward continued growth of the business.

Alexander Afanasiev has led Moscow Exchange for seven years. During this time the Exchange became a public company, established relations built on partnerships with key Russian and international market participants, and delivered on pivotal stages of the modernization of Russia’s financial market infrastructure. All of the strategic goals set by the Supervisory Board for Alexander Afanasiev as CEO have been achieved. The Supervisory Board thanks Alexander Afanasiev for the work he has done to develop the company’s business and the results that he has achieved, which are highly valued by both our shareholders and participants in the securities and capital markets.

Alexander Afanasiev, Chief Executive Officer of Moscow Exchange, commented:

Moscow Exchange has successfully built out world-class financial market infrastructure, significantly expanded its range of products, earned the trust of the market and investors and become one of the world’s largest exchanges by trading volumes. I would like to thank the Exchange’s clients, shareholders and the regulator for their trust and support as we have walked this challenging path. The Exchange team is a group of highly committed professionals. I am most grateful to them for their contributions toward the success of the company.

I have known Yury Denisov for many years through his work on the Supervisory Board as a highly regarded professional and an outstanding manager. Together we developed the Exchange’s new strategy. I welcome the Supervisory Board’s decision to name Yury as the next CEO.

Yury Denisov, member of the Moscow Exchange Supervisory Board, added:

Moscow Exchange has a central role in the Russian financial market. It has considerable growth potential and the ability to further diversify its business and add new services and infrastructure to meet the needs of a wide range of clients. The company’s track record, expertise, technological solutions and unique relationships with its customers – financial market participants – provide a powerful foundation for continued growth of the company. In my new role – and with the support of the Supervisory Board, clients and the entire Moscow Exchange team – I will strive to lead the company’s further development and grow shareholder value.

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