The Moscow Exchange (MOEX) announced on Monday that its Chief Executive Officer, Alexander Afanasiev, will be stepping down from his role and be replaced by Yury Denisov following the approval of his candidacy from the Bank of Russia.
According to the statement released earlier this week, Afanasiev will leave the top position on May 15 . His departure follows the completion of the Exchange’s current five-year strategy, of which he delivered the key goals ahead of schedule.
His resignation is also not a shock to MOEX, but instead, it is a planned departure, as the company’s Board has been engaged in succession planning over the past year. The succession planning, which was supported by professional consultants, has resulted in Yury Denisov’s appointment.
Commenting on the change, Afanasiev said: “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.”
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Yury Denisov to Lead MOEX to “Continued Growth”
Denisov brings with him more than 25 years of experience in the financial markets. This includes leadership positions at top Russian financial companies. During his career, he has been the Vice President – Head of the Treasury at Eurofinance Bank and the Senior Vice President and Head of the Treasury at VTB Bank, among other roles.
He has also previously worked for MOEX, serving as the Deputy CEO in 2010-2011, among other roles with the exchange. He is also a member of the exchange’s Supervisory Board, from 2008 until 2011, and again from 2013 up until the present.
“… 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,” added Denisov.
Oleg Viyugin, Chairman of the Moscow Exchange Supervisory Board, thanked the current CEO Afanasiev for his efforts in leading the company, as well as stating that Denisov is “fully capable” of leading MOEX through its next stage of “continued growth.”