February 11, 2008 / 4:51 PM / in 11 years

Russia's Sistema names new Vice President

MOSCOW, Feb 11 (Reuters) - Russian services conglomerate Sistema (SSAq.L) said on Monday it had named Sergei Boyev as vice president for development of state programmes and non-public assets, effective Feb. 18.

“One of our main strategic tasks is to develop our non-public assets,” Sistema President Alexander Goncharuk said in a statement.

“We have also strengthened our cooperation with the state in implementing joint projects in key sectors of the national economy,” he said.

Boyev had served as the head of Sistema’s Radio Technical and Information Systems Concern (RTI Systems) since 2000. RTI Systems develops radar, space and engineering contracts, with the Russian Defence Ministry mostly being the main customer.

Sistema’s key asset is Russia’s largest mobile phone operator Mobile TeleSystems (MTS) (MBT.N).

Other listed units include fixed-line operators Comstar CMSTq.L and MGTS (MGTS.RTS), hi-technology firm Sitronics SITRIq.L and real estate firm Sistema-Hals HALSq.L.

Its non-public business comprises banking, retail, oil, tourism, healthcare and media. (Writing by Maria Kiselyova; editing by Rory Channing)

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