US/RUSSIA: Central European Distribution Corporation appoints Russian Standard founder interim president
CEDC announced a tie-up with Russian Standard earlier this year
Central European Distribution Corporation (CEDC) has appointed Russian Standard founder, Roustam Tariko, interim president to deepen ties between the former vodka rivals.
Tariko, CEDC's chairman, will take on the new role “as soon as practical”, the US-based company announced on Friday (14 September). Christopher Biedermann has also resigned as CEDC's CFO and deputy financial officer Bartosz Kolacinski has become interim CFO.
Tariko's appointment follows Russian Standard's agreement to invest US$310m into struggling CEDC to help pay outstanding debts. In return, Russian Standard will up its stake in CEDC to 28% with a view to raising it to as much as 42.9% in the future.
Tariko was appointed CEDC chairman in July when CEO Bill Carey, who was also chairman and president, stepped down.
“CEDC intends for this appointment to deepen the strategic alliance between CEDC and Russian Standard Corporation,” the company said.
Tariko will be responsible for CEDC's operations outside of Poland while interim CEO David Bailey will cover company-wide finance and CEDC's operations in Poland, as well as the administrative, reporting, legal, compliance and audit functions of CEDC, the company said.
CEDC is updating its financial statements since January 2010 because “certain retroactive rebates and trade marketing expenses were not properly recorded by CEDC's principle operating subsidiary in Russia, the Russian Alcohol Group”, the company said.
The restatements will be filed as soon as possible, CEDC said, but warned the timing is subject to change and no date can be given.
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