Key defence company reorganised as new CEO appointed

29.06.2023, 10:06
Key defence company reorganised as new CEO appointed - Photo
Фото - Укроборонпром

Ukroboronprom, a Ukrainian defence conglomerate, has been reformed into a joint-stock company in an effort to ramp up the effectiveness of the industry amid Russia’s full-scale invasion.

Since Wednesday, Ukroboronprom has been replaced with the Ukrainian Defence Industry (UOP) joint-stock company, minister for strategic industries Oleksandr Kamyshin announced,

"We are starting to change the country's largest defence enterprise. Transformation is an important step," he posted.

"As of today, the state-owned concern Ukroboronprom is no longer in operation. Instead, the Ukrainian Defence Industry Joint Stock Company has been established."

The sole shareholder of the new company is the Ukrainian government, with an authorised capital of UAH 237.07 million.

Its CEO is Herman Smetanin, who previously headed the Malyshev factory in Kharkiv.

The corporatisation of Ukroboronprom, envisaged by a law passed back in 2021, means the company will act as a corporate centre responsible for transforming its member companies and attracting investment.

In March, the government made a formal decision to transform Ukroboronprom into a joint-stock company.

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