Ukrenergo's Supervisory Board explains reasons for dismissal of the Chairman of the Board
Photo: Vitaliy Zaichenko / Ukrenergo

The Supervisory Board of Ukrenergo explained the reasons dismissal of the chairman of the board of Vitaliy Zaichenko's company. This is stated in the statement of the Supervisory Board, which citation Suspilne.

The decision states that the grounds for the resignation were procedural violations during Zaichenko's appointment, identified by the National Securities and Stock Market Commission, as well as the loss of confidence in him due to "certain events of recent weeks."

Alexey Brekht, who was appointed acting chairman of the board, had already led the company from September 2024 to June 2025.

It was under his leadership that Ukrenergo successfully passed the difficult winter period, ensuring stable operation of the power system despite Russia's massive attacks.

Along with Zaichenko, all members of the Ukrenergo board were dismissed. They are to be reappointed. Yuriy Boyko, a former longtime member of the Supervisory Board, will also join the management.

"The Supervisory Board emphasizes that these changes are necessary to strengthen the company's management ahead of the heating season, protect critical infrastructure and preserve Ukrenergo's independence and professionalism," the statement said.

The Supervisory Board also emphasized that the current changes were the result of a months-long corporate conflict that allegedly jeopardized Ukrenergo's operations and financial stability.

The statement claims that in May 2025, the shareholder unilaterally amended the company's Charter, changing the rules for the appointment of executives. A new Corporate Governance Code was also proposed, which, according to the board, "contains a number of controversial provisions."

According to the Supervisory Board, these changes were adopted without consultation and in violation of the terms of international loan agreements, and led to a delay in debt restructuring and brought the company closer to a technical default.

These risks were allegedly mitigated only by the Supervisory Board's assurances to creditors that the company's independence would be maintained.

In June, according to the board, Zaichenko exacerbated the corporate conflict by proposing a board composition that contradicted the instructions of the Supervisory Board (the board demanded internal candidates).

Although the board approved the internal team, the decision was appealed on procedural grounds, and on September 16, 2025, the National Commission ruled that the appointment had been made without the necessary committee decision and ordered the violation to be remedied.

  • On June 23, it became known that Ukrenergo's chief dispatcher Vitaliy Zaichenko won the competition to the position of Chairman of the Company's Management Board.