Russian Helicopters Appoints New CEO

Russian Helicopters, a subsidiary of Oboronprom, part of Rostec State Corporation, has appointed Alexander Mikheev as CEO.

Alexander Mikheev previously served as Deputy CEO of Rosoboronexport.

Russian Helicopters' outgoing CEO Dmitry Petrov will continue to work within Rostec.

"Russian Helicopters' new leadership team has been tasked with strengthening the company's position on the global market and boosting profitability," said Sergey Chemezov, CEO of Rostec. "The company's strategy targets an increase in global market share to 18%-20% from the current 14% by 2020, including by expanding its presence in the CIS, China, India, the Middle East, Africa and Latin America."

Chairman of the Russian Helicopters Board of Directors and Deputy CEO of Rostec Vladimir Artyakov, said, "The company has confidently grown its core financial performance indicators alongside helicopter production and the order book. Today Russian Helicopters is entering a new stage in its development. We have to continue broadening our range of products, and strengthen our offering of commercial helicopters. With this solid foundation in place, I am confident that Mr. Mikheev will succeed at leading the industry to produce further tangible results."

By 2020 the company plans to produce 470 helicopters annually, with revenue forecast to reach RUB 240 billion.

"Our company is already a leader in the global helicopter-building industry," said Alexander Mikheev. "In 2012 Russian Helicopters produced the best results in the sector in terms of increasing delivery numbers. The company will continue to expand its offering of light helicopters, and will also focus on rolling out its service network and grow the share of revenue from after-sales service."

Born in 1961, Alexander Mikheev graduated in aeronautical engineering from Moscow Institute of Civil Aviation Engineering in 1985. In 2005 he obtained a masters' degree from the Military Academy of the General Staff of the Russian Armed Forces, and in 2006 graduated from the Russian Government Financial Academy. He holds a candidate degree in economics.

At Rosoboronexport, Alexander Mikheev served as deputy CEO. He has been a member of the Board of Directors of Russian Helicopters since 2008, and has been awarded the Medal of the Order of Merit to the Fatherland (2nd class) and the Order of Honour.

Dmitry Petrov, who has led the company since 2010, will relinquish his responsibilities on 27 September 2013, when his term in office expires. He will remain a member of the Board of Directors of Russian Helicopters, and will continue to oversee issues related to the development of Russian helicopter industry.