Property Fund steps up management overhauls at enterprises: replacing 142 top executives

Since September 2022, the State Property Fund has replaced 142 managers of state-owned enterprises – 89 managers and 53 members of supervisory boards, reported the Fund's press service.

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The SPFU is also awaiting approval for the dismissal of top managers at another 26 enterprises.

Decisions on dismissal are made based on the results of the analysis of the enterprises' work, which show chronic non-fulfillment of financial plans and stable unprofitable work.

The agency intensified the purge of inefficient management in February 2023, immediately dismissing 47 directors.

In March, another 65 managers of state-owned enterprises lost their posts.

Updating the management is an important step for improving the financial and economic condition of state assets, the SPFU explains.

"Our goal is efficient and transparent management of state-owned enterprises. New managers must implement modern management practices and principles of corporate governance," commented Viktor Serdyuk, director of the Department of Monitoring and Evaluation of the Performance of Business Entities of the State Property Fund.

He added that the Fund strives to achieve optimal use of resources, improve production processes, and increase the productivity and efficiency of state-owned enterprises.