– UKRAINE, Kyiv – Dragon-Ukrainian Properties & Development plc today announced the following changes to the board of directors of the Company.
DUPD announces that Mark Andrew Iwashko, aged 53, has been appointed as a non-executive director of the Company and will also become Chairman of the Board on 30 November following the changes announced below becoming effective.
Mr. Iwashko is a highly experienced private equity professional with over 17 years of practice in the industry in Ukraine where he co-founded Horizon Capital, one of the country’s largest private equity fund managers (by assets under management) in 2006, and led Horizon’s investment function as Chief Investment Officer throughout his career there. Under Mr. Iwashko’s leadership, Horizon Capital sourced, closed, and realized over 30 private equity transactions, in Ukraine, Moldova, Belarus, and Russia. Mr. Iwashko has served on numerous boards in privately-held and publicly-listed companies.
Mr. Iwashko is a U.S. citizen, who speaks fluent Ukrainian and has resided in Ukraine since 1996. He received his Master’s Degree in Business Administration from Harvard Business School in 1991, a graduate degree in Mechanical Engineering from the University of Illinois in 1984 and an undergraduate degree in Mechanical Engineering from the University of Colorado in 1983.
Following the adoption of DUPD’s new investing policy, the Directors believe that the requirements for the Board have changed and that the appointment of a Kiev-based investment professional would be beneficial for the Company whilst the overall number of Directors and therefore administration costs, should be reduced.
Accordingly, Fredrik Svinhufvud and Rory Macnamara have notified the Company that it is their intention to resign as Directors with effect from 30 November. They have been Directors since April 2007 and December 2011 respectively.
Following these changes, the Board will consist of three non-executive directors, namely Mark Iwashko (Chairman), Aloysius Wilhelmus Johannes van der Heijden and Tomas Fiala.
Aloysius Wilhelmus Johannes van der Heijden has agreed to be appointed chairman of the audit committee, and Mark Iwashko has agreed to join the audit committee.
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