The board of directors at developer Sistema-Hals has appointed Sergei Kalinin as president, the company said in a statement. He signed a three-year contract for the position.
He replaces Andrei Nesterenko, who stepped down from the position in mid-May. The company's first vice president and director for finance and former VTB manager Andrei Skvortsov was made acting president.
Sistema-Hals was the first Russian developer to hold an IPO on the London Stock Exchange, raising $432 million in the sale of 18 percent of its shares. The company's shares are also traded on Russia's RTS, MICEX and Moscow Stock Exchange. VTB acquired a controlling stake in Sistema-Hals from AFK Sistema in December 2009.
Sistema sold 27.6 percent of the developer to Blairwood and Stoneflower for $70 million in December 2010. Two informed sources told Interfax that Blairwood and Stoneflower are companies associated with VTB.