CTC Media makes board changes

Russian broadcaster CTC Media has appointed former Goldman Sachs managing director Lorenzo Grabau as member and co-chairman of CTC’s board, effective of the close of its annual general meeting (AGM) on April 30. 

Grabau, who is also non-executive member of the board of Modern Times Group (MTG), CTC’s largest shareholder, will replace Hans-Holger Albrecht, who resigns as of the end of the AGM.

Albrecht, formerly the chief executive of MTG, will focus on his current role as president and CEO of Millicom International Cellular. MTG Russia and Telcrest Investments – another major shareholder in CTC- agreed Grabau’s appointment.

At the same time, CTC said it was nominating Dmitry Lebedev and Werner Klatter for re-election to its board at the AGM. MTG Russia has also designated MTG president and CEO Jørgen Madsen Lindemann be elected as director. Mathias Hermansson will not stand for re-election to the board.