VEON to add two new directors to make board more independent

VEON

09/06/2017 07:40

By Eric Auchard 
    FRANKFURT, June 9 (Reuters) - Global telecoms operator VEON 
Ltd  VON.AS  said on Friday it plans to name two outside 
directors, resulting in a board majority independent of its two 
main investors and marking the latest move to transform the 
company. 
    In a statement, the Amsterdam-based company said it planned 
to put forward Ursula Burns, former chairman and chief executive 
of Xerox Corp  XRX.N  from 2009 to 2016, and one of the world's 
most high profile female corporate leaders. 
    It also named Guy Laurence, the British telecoms industry 
veteran who left last year as CEO of Rogers  RCIb.TO , the 
C$13.7 billion dollar Canadian telecoms and media group. He had 
previously held a string of executive roles at Vodafone  VOD.L . 
    Adding two seats brings the total number on the supervisory 
board to 11. LetterOne Investment Holdings, which owns roughly 
48 percent of VEON shares and is controlled by Russian 
billionaire Mikhail Fridman and his partners, holds three seats. 
    Telenor  TEL.OL , whose holding was a little under 20 
percent in April, holds two seats. The Norwegian mobile 
operator, which has been in open conflict with Fridman for 
control of VEON, has previously said it plans to sell all its 
stake that once stood at 33 percent. (reut.rs/2kYH742) 
    The other four seats are held by independent directors 
including Stan Chudnovsky, a Facebook  FB.O  Messaging 
executive, to Julian Michael Horn-Smith, an early Vodafone 
executive and architect of its global strategy. 
    "I'm delighted that VEON has nominated both Ursula Burns and 
Guy Laurence to join the supervisory board," Fridman said in a 
statement. "Their arrival further demonstrates our commitment to 
pursue the transformation of the company, building VEON to be a 
major digital company." 
    VEON, the Russian and emerging markets operator formerly 
known as Vimpelcom, has overhauled its mobile network business 
in the past year to focus on a free messaging app, from which it 
aims to make money via web partnerships. 
    It has also sought to expand its shareholder base with a 
recent listing on the Amsterdam stock exchange in addition to 
its existing listing on Nasdaq. 
    The 11 directors will seek approval for their mandates from 
shareholders at the company's annual general meeting slated for 
July 24.  
   ($1 = 1.3507 Canadian dollars) 
 
 (Reporting by Eric Auchard; editing by David Clarke) 
 ((eric.auchard@thomsonreuters.com; +49 69 7565 1235; Reuters 
Messaging: eric.auchard.thomsonreuters.com@reuters.net)) 
 
Keywords: VEON BOARD/