Kravtsov appointed CEO of Ukrainian Railway
Ukraine’s Cabinet of Ministers appointed at its Jan. 10 meeting Yevhen Kravtsov as the CEO of Ukrainian Railway (RAILUA), the company reported the same day. Kravtsov was recommended as CEO by the company’s supervisory board, which considered no other candidates. Kravtsov was appointed acting CEO of the company in August 2017, after the company’s previous CEO resigned due to a conflict with the infrastructure minister.
Alexander Paraschiy: We view this news as slightly positive for the company, as Kravtsov and his team have proven to be efficient reformers of Ukrainian Railway. Among his key achievements is starting deregulation of railway rates (which the company hadn’t been able to secure for two decades), intensifying renovation of the company’s rolling stock, as well as initiatives on efficiency improvements in the company.
With this enhancement in authority, we expect Kravtsov will intensify his efforts to restructure the company and make it more efficient. Among the key short-term challenges for Ukrainian Railway is the scheduled repayment of USD 300 mln in Eurobonds this year, the refinancing for which has yet to be found.