Boguslaev resigns as Motor Sich CEO

Vyacheslav Boguslaev stepped down as Motor Sich CEO (MSICH UK) after being re-elected to Ukraine’s parliament in October, the company reported to the Securities and Exchange Commission on March 12. The company said Boguslaev was effectively dismissed on March 7, allowing Sergei Voitenko to take over as acting CEO.

Roman Dmytrenko: Boguslaev’s resignation is a technicality, prompted by the recent campaign by the ruling Party of Regions (PoR) to single out MPs – engaging in business – for dismissal from parliament. Boguslayev, a member of the PoR parliamentary faction, was elected by a single-mandate district in Zaporizhia and the ruling party would have lost a seat had he remained CEO (unlike Kernel’s Andrey Verevskiy, who was elected on the party list and can be replaced).

We believe the resignation won’t have any impact on Motor Sich’s strategy. We are looking forward to the company’s AGM scheduled for March 28 to see whether Boguslaev, 74, retains his position on the supervisory board, which would confirm whether the resignation is a technical matter or his truly stepping away from operations.