Former Deutsche Bank CEO Joins Amtel-Vredestein - Tire Review Magazine

Former Deutsche Bank CEO Joins Amtel-Vredestein

(Clacton, U.K./Tyres & Accessories) Amtel-Vredestein N.V. has named Hubert A. Pandza as an independent director of the company's supervisory board.

The announcement was made at the company’s annual general meeting held in Amsterdam on June 26.

Pandza is the outgoing business group director of EBRD and a former executive of Deutsche Bank, Moscow. He had headed EBRD’s Russia & Central Asia Business Group and the Group for Small Business from the company’s London headquarters since 2002. Previously, he worked for over 25 years at various posts in Deutsche Bank, including the position of CEO of Deutsche Bank, Moscow.

“I admire management’s dedication to building a great European company from a Russian base of operations. And I am committed to applying my experience, independence and objectivity to assist the company to achieve its goals while maintaining a high level of corporate governance for the benefit of all stakeholders,” said Pandza.

Amtel-Vredestein said it has taken numerous steps to build a policy of strong corporate governance since it became a listed company on the London Stock Exchange in November 2005. It has significantly reduced its number of shareholder directors and increased the percentage of independent directors from 10% to 50%.

The company also adopted the Dutch Code of Corporate Governance and is now in the process of implementing its best practice provisions – a set of guidelines used by investors to measure the transparency and reliability of management.

Members of the company’s executive board, including CEO and executive board chairman Alexei Gurin and Vredestein Banden B.V. subsidiary CEO Rob Oudshoorn have also become more accessible via frequent conference calls and one-to-one meetings with investors. And with Vredestein Banden CFO Ton Tholens as the company’s new group CFO, and marketing agency veteran John Rose stepping in as head of PR/IR, the company said it has further increased its commitment to financial reporting and investor relations.

Amtel-Vredestein said it will now report earnings on a quarterly basis, provide guidance whenever practical and further improve its transparency, accountability and communications with investors. A more comprehensive corporate Web site with an extensive investor relations component is also in development, the company said.

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