Etalon Group Announces Management Changes at Russian Operating Company

25 April 2024

ETALON GROUP PLC (“Etalon Group” or the “Company”), one of Russia’s largest and longest-established development and construction companies, announces changes to its management team.

As part of the development of the Company’s corporate governance and succession programme, Gennadiy Shcherbina will take over as Chairman of the Board of Directors of the Company’s key Russian subsidiary, Etalon Group JSC; Mikhail Buzulutsky, who previously served as Vice President for Sales and Marketing, will replace Mr Shcherbina as President of Etalon Group JSC.

As Chairman of the Board of Directors of Etalon Group JSC, Mr Shcherbina will be responsible for approving the strategic vision for the Company’s development and for advancing relations with federal and regional authorities. As President of Etalon Group JSC, Mr Buzulutsky will focus on operations management.

Commenting on the changes to the management structure, Mr Shcherbina, Chairman of the Board of Directors of Etalon Group JSC, said:

“Over the past five years, our strategic focus has been the development of new markets, which enabled us to transform Etalon Group from a regional company into one of the leading nationwide players in the Russian market, with a presence in nine regions and a land bank of nearly 8 mln sqm. In order to develop our business on such a large scale and achieve our ambitious new goal of becoming the leader in the Russian development market, we need to strengthen our management team. A year ago, we added strong executives to our team and launched a succession programme, under which we identified the most promising top managers capable of leading the Company in its next stage of development. During his tenure as Vice President for Sales, Mikhail proved himself to be a successful executive, having played a significant role in the Company’s development. As President of Etalon Group JSC, Mikhail will be able to continue the reforms he initiated throughout the entire Group.

“Given the growing scale of our operations and our expansion into a nationwide player, we need even more coordination between the Board of Directors and top management, a corporate transformation and a stronger strategic vision. In this regard, I am taking over as Chairman of the Board of Directors of Etalon Group JSC and will focus on strengthening the Company’s corporate governance, approving a long-term business development strategy and scaling up regional expansion at the national and regional levels, while also working to further increase Etalon Group’s shareholder value.”

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, today Etalon Group is one of the leading nationwide players in Russia’s development and housing construction sector. The Company has been actively developing in eight regions across Russia since 2021, with large-scale projects under way in Omsk, the Novosibirsk region, Ekaterinburg, Tyumen and Kazan. With 37 years of successful operations and ongoing regional expansion, the Company remains one of the largest players in the Russian real estate market. Since its foundation, Etalon Group has delivered 9.0 mln sqm of real estate.

Thanks to its integrated business model, Etalon Group creates 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 nearly 6,000 people, and its nationwide sales network covers 35 regions across Russia.

Etalon Group’s assets comprise 32 projects at the design and construction stages in eight regions, unsold inventory at completed residential complexes and commercial properties, with total unsold NSA of 5.9 mln sqm, as well as a construction and maintenance division. According to Nikoliers, the value of Etalon Group assets as of 31 December 2023 was RUB 303 billion.

In 2023, Etalon Group's new contract sales totalled 547 ths sqm, or RUB 105.6 billion.

The Company's revenue in 2023 amounted to RUB 88.8 billion, with EBITDA of RUB 18.1 billion.

Etalon Group's GDRs are traded on Moscow Exchange (ticker ETLN), where they are included in the Level 1 quotation list.