Amtel Founder Resigns

In his letter of resignation Dr Gupta referred to the volume of his other commitments as a reason for his resignation. “My decision to resign from the Board of Directors of Amtel-Vredestein is the result of my desire to pursue other business interests,” said Gupta. “I have every confidence in the abilities of my continuing Supervisory Board colleagues. I am happy to be leaving the business in the capable hands of CEO Petr Zolotarev and his team.” Commenting on Mr. Gupta’s resignation, Maxim Ignatiev, Acting-Chairman and Member of the Remuneration and Appointment Committee said: “We would like to express our appreciation to Mr. Gupta for his many years of commitment and dedication to the Company. He founded and nurtured a business, which has emerged as one of Russia’s largest enterprises and a significant European tyre producer. We wish Mr.Gupta and Mr. Chaudri – every success in all their future endeavors.”

Mr. Ignatiev confirmed the Supervisory Board will immediately commence a search for suitable candidates to fill the board vacancies, adding that: “We do not expect any significant interruption to the operation of the Supervisory Board and its committees, and we look forward to welcoming new independent directors to our ranks.” Amtel-Vredestein N.V. has a two-tiered board structure whereby a Supervisory Board made up of non-executive directors oversees an Executive Board comprising the Company’s management team. The Executive Board makes the key decisions that direct the Company’s business units, while the Supervisory Board provides guidance and oversight, supervises the management of the Company and approves certain major policies and strategies.