What are the tasks before you?
The entire cellular retail sector lived for several years with very little profit or even a loss, and therefore bringing the company's business into a state of sustainable plus in net profit is the most important task. The second is the preservation of a significant market share. And reducing costs in a number of areas, including IT, management, etc. The last task is to prepare for attracting a strategic or financial investor to the company.
How do you increase profits?
We audited all projects and froze unprofitable ones and those whose effect was planned over a long period of time. Completely reviewed all content work and decided to work with external contractors. We also revised the idea of creating a virtual cellular operator with its own billing, hardware, etc. - this will be supplied by third-party companies. From July to October, 85 inefficient stores were closed in Russia, 77 in the CIS and the Baltic States, and 130 stores of the Ultra network. The main effect of cost reduction was achieved through improved inventory turnover and margin management.
What is the profitability of Euroset now?
In the second half of 2007, we had a current net profit margin of over 3%, and in some months it reached 4%. However, for the year as a whole, the figure was significantly lower. In 2008 we are planning profitability at the level of 2-2.2%.
If the profitability is so low, isn't it more profitable to put money on a bank deposit and receive interest?
Great idea - I will definitely talk to the banks if they are ready to give us a higher rate on deposits than on loans. If yes, we will collect more loans and stop working 10 hours a day! And as long as this is not the case, you have to work ...
Last summer, law enforcement again became interested in cellular retailers. What were the consequences?
In mid-2005, a criminal case was initiated against a large number of participants in the cellular market, including Euroset. Our current work last year was not affected in any way by this investigation. Law enforcement officers came to our office, asked for various documents, came with checks to our warehouse. One day, there were no certificates of conformity for phone accessories in the warehouse. We promised to request a supplier and bring them. The investigators put this party aside, put their employee next to it, and he waited for two hours until they brought the certificates.
How many phones are imported bypassing customs?
Maximum 5%, but even this figure may have an impact on the competitive environment. But the existing 5% customs duty for the import of phones. At the same time, for manufacturers who have switched to direct deliveries, the issue of illegal import of their products is irrelevant. In 2007, we actively communicated with the Ministry of Economic Development and Customs, expressing our thoughts and guesses regarding the mechanisms of such imports. Repeatedly wrote letters to manufacturers. I think this accelerated the transition of most manufacturers to direct import of goods to Russia. Since the fourth quarter, Nokia, whose phones accounted for most of the gray market, instead of Pulkovo, began to ship phones through the Sheremetyevo customs, where it is simply impossible to smuggle anything.
There are standard methods: non-declaration of cargo, changing the codes on consignment notes, underestimating the cost ... although, probably, life is richer. (Smiling.)
Is the conflict between Euroset and Nokia resolved?
We still do not have a direct contract, although we are negotiating about it. Since January, Viktor Sayes has headed the Russian office of Nokia, we met in December, he said that he understands that the largest handset manufacturer should have a direct contract with the largest distributor. According to our estimates, due to the fact that Nokia does not work directly with us, last year it undersold at least 2.5-3 million phones in Russia, or about $0.5 billion. (Victoria Eremina from Nokia does not comment on the company's relationship with " Euroset." - "Vedomosti")
How much has Euroset lost because of the conflict?
We have all the Nokia products that we need, and almost in the quantity we need. But compared to a direct contract, marketing bonuses are not available to us and we do not participate in official campaigns to bring new Nokia models to the market.
When can Euroset enter the stock exchange?
We are not faced with the task of bringing the company to an IPO, but the task of raising money for the implementation of new projects, as well as the task of optimizing the debt structure. Therefore, now it is preferable for us to attract a minority investor in the form of a fund or a group of funds that will help us solve these problems and subsequently take the company with us to an IPO or sale to a strategist. Any cellular operator or large format retailer in the field of electronics can become it. But this is still a matter of a rather distant future.
Are you already negotiating with potential investors?
We consult with investment bankers on various options for attracting such potential investors. I think we will determine our preferences by the type of investor and the possible parameters of negotiations during the I-II quarter of this year.
Can you name these investment bankers? Vedomosti sources named Merrill Lynch as one of them.
Merrill Lynch was not a consultant to the company. We selected our consultants primarily based not on a big name, but on our convincing experience in structuring deals with large private Russian companies.
What share in the company could Euroset's shareholders sell to an investor?
We received offers to sell from 10% to a blocking stake, one of them was considered, but as of today these negotiations have been stopped. Shareholders and management believe in the growth of the company's business and do not plan to sell a large stake yet.
How much do you value the company now?
I think our value can be calculated using the same ratios that were used to evaluate M.video, which recently held an IPO. We have a slightly different business, but many of the principles of building a business, risks, and so on. very similar.
Investors valued M.video at about 10 predicted EBITDA indicators for 2008. So, according to the results of 2007, Euroset should cost more than $1.2 billion?
Possibly, but I would refrain from giving numbers until the valuation of the business is complete. The value of companies depends on many factors, and EBITDA is important, but only one of them.
Are they reflected on Euroset global problems in the financial market?
Last year, we had detailed conversations with banks and found a way not to increase average cost borrowings - in the second half of 2007, our portfolio did not rise in price, but even fell somewhat, despite the fact that at the end of the year we had to take over the redemption of the bond offer. At the end of last year, our debt was about $840 million, and this year we do not plan to increase the debt burden.
Does Euroset plan to expand through purchases of new assets?
We are satisfied with the quantity and quality of our salons and are not going to acquire competitors yet.
What is the share of foreign countries in Euroset's turnover now?
About 10%. In the second half of last year, we actually froze development in the CIS countries. By the end of 2007, we had formed a clear strategy for each of the CIS countries. We want to suggest that the board of directors leave some countries, we are already negotiating the sale of salons in the Baltics. Perhaps we will leave a few more Asian countries.
Many businessmen complain that work takes them so much time that there is no time left for personal life. And how are you?
The work takes a lot of time, but this is a personal choice for everyone. The problem is not that there is not enough time, but that there is a person who understands why this is important for you, and shares your aspirations, helps in their implementation, and does not raise the question "either I - or work." Everything is in harmony with me in this sense, I'm not complaining. (Smiling.)
Alexey Chuikin, who previously held the position of General Director of Dixis Management Company, has been appointed President of Euroset. Mr. Chuikin will start his duties on July 02, 2007.“There are managers who are able to maintain high rates of development and provide an avalanche of business growth, and there are managers who work on efficiency. Despite the fact that I would like to rank myself among the first, I'm better at the second. Success at the previous place of work is a good confirmation of this. Euroset faces several ambitious tasks, and as a manager, I am given unique opportunity implement them,” said Alexey Chuikin.
Eldar Razroev, according to him, is leaving the company where he worked for 3 years, according to own will, because I received a new, interesting offer.
Commenting on this appointment, Evgeny Chichvarkin, Chairman of the Board of Directors of Euroset, noted: “Alexey has a unique and positive experience work to improve efficiency. He has the opportunity to apply the same experience in our company, because the main task of the President of Euroset is to develop the business efficiently and profitably, as well as make the best use of the resources we already have”
Curriculum vitae:
Alexey Anatolyevich Chuikin was born on February 5, 1968. Graduated from the Moscow Machine Tool Institute with a degree in Automated systems Management” in 1992 and the Institute of Business and Business Administration with a degree in Marketing Management in 1998.
Alexey Chuikin started working in the telecommunications industry in 1997, becoming one of the founders of the Regiontrank company, the first inter-regional trunking service provider in Russia. In the company, Mr. Chuikin was responsible for investor relations and commercial block. In 2000, Mr. Chuikin became Vice President of the A.Partners holding, within which he participated in the creation and launch of the BOnLine and MegafonPro projects. At the end of 2003, Mr. Chuikin founded the Plastic Media company, which is known for its active work with the largest Russian media channels as a content provider.
In March 2006, Alexey Chuikin was invited as Deputy General Director of the Dixis Group of Companies, then headed it. Until now, Mr. Chuikin has held the position of General Director of Dixis Managing Company.
Single. He is fond of jazz music and collects wine.
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Appointed new CEO OJSC "Children's World - Center"
Detsky Mir Group of Companies enters into new stage development, implying a fundamental increase in business efficiency and investment attractiveness of the Group, strengthening its strategic directions of development. That is why it was decided to invite Aleksey Chuikin, a professional with extensive experience in the field of effective development network companies Felix Yevtushenkov, Vice President of AFK Sistema and head of the Consumer Assets business unit, noted. - We are grateful to Maxim Entyakov, under whose leadership Detsky Mir Group went through a stage of active growth, creation of a national trading network, for his contribution to overcoming the problems of the crisis period in the economy, to strengthening the leadership positions of the Group, and we hope that our cooperation with him will continue.”
The Detsky Mir group of companies is the leader in the retail trade in goods for children and teenagers in Russia. Currently, the Group unites the national network of stores Detsky Mir, the luxury center Children's Gallery Yakimanka and S-toys, one of the leading distributors of children's goods in Russia. The Detsky Mir chain of stores consists of 128 format super- and hypermarkets in 68 Russian cities. The total trade area is over 210 thousand square meters. In 2008, Detsky Mir Group's US GAAP revenue was $797 million. The parent company of the Group is OAO Detsky Mir - Center, more than 99% of whose shares are owned by AFK Sistema.
Chuikin Alexey Anatolyevich was born on February 5, 1968. Graduated from the Moscow Machine Tool Institute with a degree in Automated Control Systems (1992) and the Institute of Business and Business Administration with a degree in Marketing Management (1998). Alexey Chuikin started working in the telecommunications industry in 1997, becoming one of the founders of Regiontrank, the first inter-regional trunking service provider in Russia. At the company, Chuikin was responsible for investor relations and the commercial unit. In 2000, Chuikin became vice president of the A.Partners holding, within which he participated in the creation and launch of the BOnLine and MegafonPro projects. At the end of 2003, Chuikin founded the Plastic Media company, which is known for its active work with the largest Russian media channels as a content provider. In March 2006, Alexey Chuikin was invited as Deputy General Director of the Dixis group of companies, then he headed it. In June 2007 he was appointed president of Euroset, in September 2008 he left this post.
For further information:
AFK Sistema- the largest public diversified corporation in Russia and the CIS serving more than 100 million consumers in such industries as telecommunications, high technology, fuel and energy complex and petrochemistry, radio and space technologies, banking business, real estate, retail, mass media, tourism and medical services. Founded in 1993, the company posted revenue of $5.3 billion in Q3 2009 and total assets of $41.9 billion as of September 30, 2009. AFK Sistema's shares were listed under the symbol "SSA" on the London Stock Exchange, under the symbol "AFKS" on the RTS Stock Exchange, under the symbol "AFKC" on the MICEX Stock Exchange and under the symbol "SIST" on the Moscow Stock Exchange. AFK Sistema website: .
Chairman of the Board of Directors (since 08.2008)
Dossier
In the telecommunications industry since 1997, one of the founders of Regiontrank. In 2000, he became vice president of the A.Partners holding, within which he participated in the creation and launch of the BOnLine and MegafonPro projects. In March 2006 he was invited as Deputy General Director of the Dixis Group of Companies, then headed it. From July 2007 to August 2008 held the position of President of Euroset Management Company. Currently, he chairs the Board of Directors of the Plastic Media company he founded, while at the same time he is engaged in project financing in retail, telecommunications and financial assets.
Biography
Alexey graduated from the Moscow Machine Tool Institute in 1992 and the Institute of Business and Business Administration in 1998.
Companies
Plastic Media08.2008 - ... Chairman of the Board of Directors
Euroset
07.2007 - 08.2008 President management company
DIXIS
03.2006 - 07.2007 Deputy General Director, General Director
News mentions (4)
- Euroset: MVNO or special tariff?
RBC Daily has learned that Euroset is negotiating with the Big Three to create a joint tariff proposal. Now the company is considering this initiative as an alternative to a virtual operator (MVNO) with a Volga cell
- Before rebranding, you need to rebrand
Euroset considers it necessary to voice its official position on the allegedly possible "rebranding" of the company, information about which has recently appeared on the Internet.
The International Board of Trustees of the Moscow School of Management SKOLKOVO provides strategic advice and participates in determining the direction of the school's further development.
The Board of Trustees brings together authoritative representatives large companies and the most active public and political figures, both Russian and international. Members of the Council are in continuous dialogue with the leadership of the business school, actively involved in the process of shaping its educational and research agenda.
The International Board of Trustees of the Moscow School of Management SKOLKOVO is headed by Dmitry Anatolyevich Medvedev.
Dmitry Medvedev
Prime Minister Russian Federation
Dmitry Medvedev
Chairman of the Government of the Russian Federation
Chairman of the International Board of Trustees of the Moscow School of Management SKOLKOVO. Born on September 14, 1965 in Leningrad. Graduated from the Faculty of Law of Leningrad State University in 1987 and postgraduate studies at Leningrad State University in 1990. PhD in Law, Associate Professor. In 1990-1999 - teaching at St. Petersburg State University. At the same time, in 1990-1995, he was an adviser to the Chairman of the Leningrad City Council, an expert of the Committee for external relations City Hall of St. Petersburg. In 1999 - Deputy Chief of Staff of the Government of the Russian Federation. In 1999-2000 - Deputy Head of the Administration of the President of the Russian Federation. Since 2000 - First Deputy Head of the Administration of the President of the Russian Federation. In 2000-2001 - Chairman of the Board of Directors of OAO Gazprom, in 2001 - Deputy Chairman of the Board of Directors of OAO Gazprom, since June 2002 - Chairman of the Board of Directors of OAO Gazprom. Since October 2003 - Head of the Administration of the President of the Russian Federation. In November 2005, he was appointed First Deputy Prime Minister of the Russian Federation. From 2008 to 2012 he was the President of the Russian Federation.
Paal Kibsgaard
Paal Kibsgaard
Chief Executive Officer of Schlumberger Limited
Prior to his appointment as Chief Executive Officer, Paal Kibsgaard held various management positions at Schlumberger Limited, including Chief Operating Officer, Vice President of Engineering and Operations, Vice President of Human Resources, and President of Schlumberger Drilling and Measurement. Previously, Mr. Kibsgaard was the GeoMarket Manager for the Caspian region, sales and customer relations.
Began professional career in 1992 at ExxonMobil after graduating from the Norwegian Institute of Technology with a degree in petroleum engineering. Paal Kibsgaard joined Schlumberger in 1997 as a development engineer oil fields in Saudi Arabia.
Ajay Banga
Ajay Banga
President and CEO of Mastercard
Ajay Banga is the President and CEO of Mastercard and a member of the Board of Directors. He also chairs the company's executive committee. Mr. Banga was hired by Mastercard at the end of April 2009 as President and Chief Operating Officer. In April 2010, he was nominated for the position of President and Chief Executive Officer, and he assumed the position effective July 1, 2010.
Prior to joining Mastercard, Mr. Banga served as Chief Executive Officer Asia Pacific for Citigroup. In this role, he was responsible for all areas commercial activities companies in the region, including institutional banking, alternative investments, wealth management, private banking and credit card issuance. He was also a member of the Senior Management Committee and the Executive Committee of Citi. He is a member of the Council for international relations Economic Club of New York, as well as a board member of the Foreign Policy Association. He is also a member of the Financial Services Roundtable.
Mr. Banga shows great interest in the issues social development and served on the boards of trustees of the Society of Enterprise Partners and the National League of Cities, and served as Vice President of the Board of Trustees of the New York City Hall of Science. He also served as director of the European Education Council and was a business sponsor of the Citi African Heritage Network, New York. In addition, from 2005 to mid-2009, he led Citi's global microfinance strategy. Mr. Banga received his bachelor's degree humanities University of Delhi in Economics, from which he graduated with honors.
German Gref
German Gref
President, Chairman of the Board of Sberbank of Russia
Minister of Economic Development and Trade of the Russian Federation from 2000 to 2007. Born February 8, 1964 in the village. Panfilovo, Pavlodar region, Kazakh SSR. In 1990 - graduated from Omsk State University with a degree in law. 1981-1982 - legal adviser of the district agricultural department of the Irtysh district of the Pavlodar region. 1982-1984 - service in the Soviet Army. 1984-1985 - student of the preparatory department of the law faculty of Omsk State University. 1985-1990 - student of Omsk State University. 1990-1990 - Lecturer at the Faculty of Law of Omsk State University. 1990-1993 - Post-graduate student of the Faculty of Law, Leningrad University.
1991-1998 - held various positions in the administration of St. Petersburg. 1998-1998 - Member of the Collegium of the Ministry of State Property of the Russian Federation. 1998-2000 - First Deputy Minister of State Property of the Russian Federation. 2000 - Minister of Economic Development and Trade of the Russian Federation. On March 9, 2004, he was appointed Minister of Economic Development and Trade of the Russian Federation. He has state awards: Gratitude of the President of the Russian Federation (2004).
Ruben Vardanyan
Ruben Vardanyan
Founding Partner, Member of the Board of Directors, Deputy Chairman of the International Board of Trustees of the Moscow School of Management SKOLKOVO
Founding Partner, Deputy Chairman of the International Board of Trustees of the Moscow School of Management SKOLKOVO, Chairman of the Supervisory Board of the Research Institute emerging markets, chairman expert council Center for Wealth Management and Philanthropy of the SKOLKOVO Business School. Until September 17, 2011 – President of the Moscow School of Management SKOLKOVO.
Ruben Vardanyan is a social entrepreneur, impact investor and venture philanthropist, born in Armenia, successful in Russia and implementing international projects. A recognized expert in the global economy, entrepreneurship and education, he provides strategic advice through his membership on boards of directors, advisory boards and boards of trustees to commercial companies, NGOs, educational institutions, public and professional organizations. Among them are the Charles Aznavour Foundation, business schools in Russia and Brazil, the leader of the financial industry in Armenia (Ameriabank), the Russian auto giant (SOLLERS). One of the most distinguished investment bankers in Russia, whose name is inextricably linked with the history of the Russian financial industry, Ruben Vardanyan implements large-scale partner commercial (Troika Dialog and Vardanyan, Broitman & Partners investment companies) and social and entrepreneurial initiatives with a wide range of impact. Among them are the first college of the international educational network UWC in Eastern Europe (UWC Dilijan, Armenia) and the Tatev Revival program, which built the world's longest reversible cable car leading to the ancient monastery. Various groups of partners, together with Ruben Vardanyan and his family, raised over $500 million to create the first private business school in Russia, a unique project in terms of the scale and nature of the interaction, and also made about $600 million in commercial and philanthropic investments in social entrepreneurial projects in Armenia. In 2015, Mr. Vardanyan and his partners founded the global project Aurora Humanitarian Initiative, of which the Aurora International Prize is a part. The award is presented annually on behalf of the survivors of the Armenian Genocide as a token of gratitude to their saviors. Ruben Vardanyan devotes a significant part of his time to projects related to the development of charity infrastructure in Russia (Philanthropy Infrastructure - PHILIN) and issues of succession and wealth management (Phoenix Advisors). With the support of Mr. Vardanyan, Troika Dialog, SKOLKOVO Business School and several charitable foundations The classics of world business literature were published in Russia. Since 2016, Ruben Vardanyan has been the head of the jury for the annual PwC award " business book years in Russia.
Jay Nibbe
Jay Nibbe
Member of the EY Global Executive Committee
Jay Nibbe is Vice Chairman of Global Tax Services and is responsible for the operations and strategy of EY's tax practice. Jay manages over 38,000 employees worldwide. Jay Nibbe has been with EY since 1985 and has extensive international experience.
Previously, Jay Nibbe chaired the Global Account Committee and was responsible for Major Account Management at the EY Global Executive Committee level, and served as EY Associate Managing Partner for EMEIA (Europe, Middle East, India and Africa).
In addition, Jay managed the tax practice for the Americas region, and from 1995 to 1999 he worked in Moscow, where he headed the tax practice in the CIS. In 2014, Jay Nibbe joined the Board of Directors of the US-Russia Business Council.
Mark Sutton
Chairman of the Board of Directors of International Paper
Mark Sutton took over as Chairman of the Board of Directors of International Paper on January 1, 2015, and as Chief Executive Officer of International Paper on November 1, 2014. Immediately prior to this, he served as President and Chief Executive Officer responsible for leadership and governance. international business companies. Mr. Sutton has been on the Board of Directors of International Paper since June 1, 2014. Mr. Sutton has been with International Paper throughout his career. He joined International Paper in 1984 as a mill engineer in Pineville, Louisiana. In 1994, he was appointed mill manager in Tilmany, Wisconsin, then part of International Paper's industrial paper division.
In 2000, Mr. Sutton moved to Europe, where he was appointed Director of Operations for the European Corrugated Packaging division, and then in 2002 he was promoted to Vice President and General Manager responsible for for all corrugated board operations in seven EMEA countries (Europe, Middle East and Africa). In 2005, Mr. Sutton was appointed Vice President of Strategic Corporate Planning and moved to Memphis. In 2007, he was named SVP Global Supply Chain and in 2009 SVP Printing & Communications Paper North and South America. In November 2011, Mr. Sutton was appointed Senior Vice President, Industrial Packaging.
Mr. Sutton is a member of the Board of Directors of the Memphis Tomorrow Association and the Board of Trustees of the New Memphis Institute. Mr. Sutton holds a Bachelor of Science in Electrical Engineering from Louisiana State University.
Andrey Fursenko
Andrey Fursenko
Assistant to the President of the Russian Federation
Born July 17, 1949 in Leningrad. In 1971 he graduated from Leningrad State University named after A. A. Zhdanov. Doctor of Physical and Mathematical Sciences.
From 1971 - 1991 he worked as a junior researcher, head of the laboratory, deputy director for scientific work, a leading researcher at the Ioffe Physical-Technical Institute of the USSR Academy of Sciences in Leningrad. From 1991-1993 - Vice-President of JSC Center for Advanced Technologies and Developments, St. Petersburg. From 1994-2001 - General Director of the Regional Fund for Scientific and Technical Development of St. Petersburg. Since 2000 - Chairman of the Scientific Council of the Center for Strategic Research "North-West" Foundation.
From 2001-2002 - Deputy Minister of Industry, Science and Technology of the Russian Federation. Since June 2002 - First Deputy Minister of Industry, Science and Technology of the Russian Federation. Since December 2003 - temp. and about. Minister of Industry, Science and Technology of the Russian Federation. From 2004 to 2012 he was the Minister of Education and Science of the Russian Federation. Awarded with the Honorary Diploma of the Government of the Russian Federation.
Blair Sheppard
Blair Sheppard
International Head at PwC International
International Head of Strategy and Leadership Development at PwC International. Prior to joining PwC, Blair was Special Advisor to Duke Kushan University where he was responsible for managing corporate development, development of uncertified programs and regional development a newly formed campus in China before opening in 2013. He served as the Dean of the Fukua Business School. Under his leadership, the Chinese campus of the Duke and Fuqua schools was created, as well as the unique Master's program, which is already considered one of the best in the world, in connection with which the school's ratings increased significantly during Blair's tenure.
Blair also chaired the Board of Directors of Duke Corporate Education (Duke CE), a company founded in 2000. Under his leadership, Duke CE has grown from a single office to multiple locations on three continents and has been ranked #1 in the world for corporate education services for nine consecutive years by the Financial Times and BusinessWeek.
Blair has advised over 100 companies and governments on leadership issues, corporate strategy, organizational design; published more than 50 books and articles. Blair was the first recipient of the Fukua Teacher of the Year Award, received the 2011 Business Person of the Year Award in Education from the Triangle Business Journal; Distinguished Scientist Award, Institute of Finance at the University of Frankfurt in 2007; Honorary Doctor of Science Royal Council of Canada. Mr. Sheppard received a Doctorate in Social Psychology from the University of Illinois (USA) in 1980 and a Master's degree from the University of Western Ontario (London, Ontario, Canada) in 1977.
Igor Shuvalov
Chairman of Vnesheconombank
Igor Shuvalov
Chairman of Vnesheconombank
In 1993 he graduated from the Faculty of Law of the Moscow State University named after M.V. Lomonosov, majoring in jurisprudence.
1984-1985 - Laboratory assistant at the Ecos Research Institute. 1985-1987 - service in the ranks of the Soviet Army. In 1993 - attaché of the Legal Department of the Ministry of Foreign Affairs of the Russian Federation. 1993-1995 - Senior Legal Counsel of CJSC "ALM Consulting", since 1995 - Director of the Law Office "ALM". In 1997 - Head of the Department state register federal property State Committee Russia on state property management. In 1998 - Deputy Minister of State Property of the Russian Federation. 1998-2000 - Chairman of the Russian Federal Property Fund. 2000-2003 - Chief of Staff of the Government of the Russian Federation - Minister of the Russian Federation. In 2003 - Assistant to the President of the Russian Federation. 2003-2004 - Deputy Head of the Administration of the President of the Russian Federation. In 2004 - Assistant to the President of the Russian Federation. Since 2005, she has also been a Russian Sherpa in the G8. Since 2008 - First Deputy Chairman of the Government of the Russian Federation. On May 24, 2018, he was appointed Chairman of Vnesheconombank.
In 1955 he was elected a member of the Legislative Assembly. In 1959, he became the Prime Minister of Singapore, served several consecutive terms, and retired in 1990, after which the new Prime Minister, Goh Chok Dong, appointed him Senior Minister. Lee Kuan Yew was reappointed to this post after the 1991, 1997 and 2001 general elections. In September 2014, he was awarded the title of Honorary Member of the International Board of Trustees of the SKOLKOVO Business School.