Aeroflot announces results of Board of Directors meeting
The Board of Directors of PJSC Aeroflot (Moscow Exchange ticker: AFLT) decided to partially change the composition of the Management Board. The issue was considered at an extraordinary meeting of the Board of Directors, which was held on 10 March 2021 by absentee vote.
It was decided to appoint Andrey Panov, Deputy CEO of PJSC Aeroflot for Strategy, Service and Marketing, as a member of the Management Board of PJSC Aeroflot.
At the same time, Kirill Bogdanov and Igor Chalik were excluded from the Management Board. This is associated with their new appointment to Russia's Ministry of Transport as Deputy Ministers of Transport of the Russian Federation.
The Board of Directors approved the related-party transaction for transfer by PJSC Aeroflot in a sublease to Pobeda Airlines of ten Boeing 737-800 aircraft. April - June 2021 will be the period of aircraft transfer.
Low-cost Pobeda Airlines, a subsidiary of Aeroflot Group, operates a single-type Boeing 737-800 fleet, which helps minimize maintenance costs and maximize operational efficiency. The low-coster's role as a driver of traffic growth according to Aeroflot Group's Strategy to 2028 justifies Pobeda's need for additional ten aircraft of the type in its fleet.