Boyko Shoylekov is Orgachim's New CEO

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Boyko Shoylekov is Orgachim's New CEO

The annual meeting of shareholders in Orgachim Jsc () , which took place in Ruse today, has taken some important decisions, the company said in a press release.

Shareholders adopted the management's reports on 2007 activity and the financial reports for 2007. The meeting also adopted the report of the certified public accountant. The members of the Management and the Supervisory board were exempt from liability for their activity in 2007.

Sales revenues last year amount to 124.93 mln leva (63.87 mln euros), or 28% up from a year ago (97.547 mln leva, 49.8 mln euros). The company invested 12.268 mln leva (6.27 mln euros) in activity expansion, against 10.220 mln leva in 2006.

Net profit is down 16% y/y, to 6.764 mln leva (3.45 mln euros). Shareholders decided to add the income to the Additional Reserves fund as proposed by the management.

BDO Akero was elected as certified public accountant for the fiscal 2008.

Shareholders replaced Silviu Sorin Mocanu with Carmen Segete in the company's Supervisory Board. Irena Komitova and Whitebeam Holdings Limited, represented by Yon Aleander Florescu, remain in the Board.

Ivan Sokolov is leaving the position of CEO. He will be replaced by Boyko Shoylekov.

“Mr. Ivan Sokolov became CEO in 2004 and managed to consolidate the company and establish it as a leader on the market of paints and lacquers in Bulgaria. New products and technologies were introduced during his management, Orgachim entered new markets, developed its distribution network and improved labor conditions. We are grateful to Mr Sokolov for what he has done for Orgachim and wish him good luck in his future activities,”said Yon Alexander Florescu from Whitebeam Holdings Limited and member of Orgachim's Supervisory Baord.

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