Following the resignation of the CEO of the second-largest energy distribution company, Zaporizhiaoblenergo (ZAON: SELL), in late September, the CEO of the largest company, Dniprooblenergo (DNON: HOLD), was replaced last week. Eduard Sokolovskiy, who earlier held top management positions at the VSE companies Odessaoblenergo and Kirovogradoblenergo, was appointed acting CEO of DNON. Alexander Paraschiy: While the CEO at ZAON chose to resign, there is no official explanation for the change at DNON. We see no link between the shake-up at ZAON the appointment of a former VSE man, as the latter has no stake in ZAON.