Etalon Group Announces Changes to Board of Directors

17 February 2023

ETALON GROUP PLC (“Etalon Group” or the “Company”), one of Russia’s largest and longest-established development and construction companies, announces the results of the meeting of its Board of Directors held on 16 February 2023.

Etalon Group’s Board of Directors accepted the resignations of executive director Maxim Berlovich and non-executive director Oleg Mubarakshin, who decided to step down from the Board of Directors and its committees. Maxim Berlovich, who had served as Chairman of the Strategy Committee, decided to leave Etalon Group and the Company’s Board of Directors in order to focus on his own projects. Oleg Mubarakshin’s departure from the Strategy Committee as well as the Remuneration and Nomination Committee is related to his earlier decision to resign from PJSFC Sistema.

The Board of Directors proposed that Gennadiy Shcherbina, Etalon Group’s Chief Executive Officer, be appointed Chairman of the Strategy Committee. In order to maintain broad representation on the Strategy Committee, the Board of Directors nominated Petr Kryuchkov, who has been in charge of strategic development at Etalon Group since 2020, as a member of the Strategy Committee.

Taking the above changes into account, the current membership of the Board of Directors and its committees is as follows.

Board of Directors of Etalon Group:

  • Sergey Egorov, Chairman of the Board of Directors, non-executive director;
  • Gennadiy Shcherbina, Chief Executive Officer of Etalon Group;
  • Dennis Vinokourov, non-executive director;
  • Alexander Voloshin, independent non-executive director;
  • Boris Svetlichny, independent non-executive director;
  • Marina Ogloblina, independent non-executive director;
  • Ganna Khomenko, independent non-executive director;
  • Charalampos Avgousti, independent non-executive director;
  • Vitaly Pyltsov, independent non-executive director.

Strategy Committee:

  • Gennady Shcherbina, Chairman of the Committee and Chief Executive Officer of Etalon Group;
  • Sergey Egorov, non-executive director;
  • Dennis Vinokourov, non-executive director;
  • Artyom Zasursky, Vice President for Strategy and Development at PJSFC Sistema;
  • Marina Ogloblina, independent non-executive director;
  • Petr Kryuchkov, Etalon Group’s Deputy CEO for Corporate Investment and Strategy.

Remuneration and Nomination Committee:

  • Sergey Egorov, Chairman;
  • Ganna Khomenko, independent non-executive director;
  • Charalampos Avgousti, independent non-executive director.

Audit Committee:

  • Vitaly Pyltsov, Chairman;
  • Boris Svetlichny, independent non-executive director;
  • Ganna Khomenko, independent non-executive director.

Investor Relations and Information Disclosure Committee:

  • Petr Kryuchkov, Chairman;
  • Dennis Vinokourov, non-executive director;
  • Boris Svetlichny, independent non-executive director.

Commenting on the changes to the Company’s management, Etalon Group CEO Gennadiy Shcherbina said:

“On behalf of Etalon Group, I express my gratitude to Maxim Berlovich for his many years of service and his enormous contribution to the development of our Moscow business and new projects. With his valuable participation, the Company successfully integrated Leader-Invest into its Moscow business and began implementing landmark projects such as the Shagal residential complex, in Moscow, our first 15-minute-city project, developed in collaboration with leading international and Russian architects and urban planners. I wish Maxim success in his further endeavours.”

This and other recent announcements are available on the Etalon Group website:

Contact Information

Etalon Group

IR Team
T: +44 (0) 20 8123 1328



About Etalon Group

Founded in 1987, Etalon Group is one of Russia’s largest development and construction companies. The Company focuses on middle class residential real estate in the Moscow and St Petersburg metropolitan areas. In 2021, the Company began a regional expansion programme and has already launched new projects in Omsk, the Novosibirsk region, Ekaterinburg, Tyumen and Kazan. With a 35-year history, Etalon Group has one of the longest and most successful track records in the Russian real estate industry. Since its foundation, Etalon Group has delivered 8.6 mln sqm of real estate.

Thanks to its integrated business model, Etalon Group is able to create added value for customers and shareholders at every stage of development, from land plot analysis and acquisition to the operation and maintenance of existing properties. Etalon Group employs over 4,600 people, and its nationwide sales and marketing network covers 59 Russian cities.

Etalon Group’s assets comprise 27 projects at the design and construction stages, unsold inventory at completed residential complexes and commercial properties, with total unsold NSA of 6.0 mln sqm, as well as a construction and maintenance division. Colliers International valued the Company’s total assets at RUB 270 billion as of 31 December 2021.

In 2022, Etalon Group’s new contract sales totalled 292 ths sqm, or RUB 58.7 billion, excluding sales made by YIT Russia prior to its acquisition by Etalon Group.

The Company's revenue in 2021 amounted to RUB 87.1 billion, with EBITDA of RUB 17.9 billion.

Etalon Group’s GDRs have been listed on the Main Market of the London Stock Exchange since 20 April 2011 and in the Level 1 quotation list of Moscow Exchange since 31 January 2020 under the ticker ETLN.