Ukrtelecom’s EGM: CEO expectedly steps down, 3Y strategy disappoints

Ukrtelecom (UTLM UK), Ukraine’s incumbent telecom operator, held an EGM yesterday with two key questions on the agenda: board reshuffling and approval of a three-year strategy plan. Georgiy Dzekon, who served as Ukrtelecom’s CEO since 2004, was moved to the supervisory board. Georgiy Dzekon, who led the meeting, declined to name his successor. Yegor Samusenko: We failed to find any message in the so-called three-year strategy plan management presented yesterday, which appeared without numbers or a specific action plan. While we believe management has a more profound plan that it prefers to keep to itself, we are disappointed that their attitude toward minorities, which was clearly evident during the EGM, remains classically Soviet.