Fesco promotes Sakharov as CFO

Operating efficiency director steps up to replace Victor Belyakov at Russian owner.

Russian owner Fesco Transportation Group has announced a new vice president of finance to replace Victor Belyakov.

It said on Tuesday that from 1 February, Maxim Sakharov will take on the role.

He was previously director of operating efficiency and business analysis and has been with the company since 2005.

Belyakov has resigned, but will advise Sakharov on key issues in order to “ensure an effective and smooth transition of responsibilities.”

“We wish to thank Victor for the major contribution to the Fesco strategy implementation he has made,” said Fesco president Konstantin Sokolov.

“Cost optimisation programme has developed and launched under his leadership, also some measures of our liability management initiative have successfully implemented, including the partial rouble and Eurobonds buyback transactions.”