ETALON GROUP PLC (“Etalon Group” or the “Company”), one of Russia’s largest and longest-established development and construction companies, announces the results of the meeting of its Board of Directors held on 16 February 2023.
Etalon Group’s Board of Directors accepted the resignations of executive director Maxim Berlovich and non-executive director Oleg Mubarakshin, who decided to step down from the Board of Directors and its committees. Maxim Berlovich, who had served as Chairman of the Strategy Committee, decided to leave Etalon Group and the Company’s Board of Directors in order to focus on his own projects. Oleg Mubarakshin’s departure from the Strategy Committee as well as the Remuneration and Nomination Committee is related to his earlier decision to resign from PJSFC Sistema.
The Board of Directors proposed that Gennadiy Shcherbina, Etalon Group’s Chief Executive Officer, be appointed Chairman of the Strategy Committee. In order to maintain broad representation on the Strategy Committee, the Board of Directors nominated Petr Kryuchkov, who has been in charge of strategic development at Etalon Group since 2020, as a member of the Strategy Committee.
Taking the above changes into account, the current membership of the Board of Directors and its committees is as follows.
Board of Directors of Etalon Group:
- Sergey Egorov, Chairman of the Board of Directors, non-executive director;
- Gennadiy Shcherbina, Chief Executive Officer of Etalon Group;
- Dennis Vinokourov, non-executive director;
- Alexander Voloshin, independent non-executive director;
- Boris Svetlichny, independent non-executive director;
- Marina Ogloblina, independent non-executive director;
- Ganna Khomenko, independent non-executive director;
- Charalampos Avgousti, independent non-executive director;
- Vitaly Pyltsov, independent non-executive director.
Strategy Committee:
- Gennady Shcherbina, Chairman of the Committee and Chief Executive Officer of Etalon Group;
- Sergey Egorov, non-executive director;
- Dennis Vinokourov, non-executive director;
- Artyom Zasursky, Vice President for Strategy and Development at PJSFC Sistema;
- Marina Ogloblina, independent non-executive director;
- Petr Kryuchkov, Etalon Group’s Deputy CEO for Corporate Investment and Strategy.
Remuneration and Nomination Committee:
- Sergey Egorov, Chairman;
- Ganna Khomenko, independent non-executive director;
- Charalampos Avgousti, independent non-executive director.
Audit Committee:
- Vitaly Pyltsov, Chairman;
- Boris Svetlichny, independent non-executive director;
- Ganna Khomenko, independent non-executive director.
Investor Relations and Information Disclosure Committee:
- Petr Kryuchkov, Chairman;
- Dennis Vinokourov, non-executive director;
- Boris Svetlichny, independent non-executive director.
Commenting on the changes to the Company’s management, Etalon Group CEO Gennadiy Shcherbina said:
“On behalf of Etalon Group, I express my gratitude to Maxim Berlovich for his many years of service and his enormous contribution to the development of our Moscow business and new projects. With his valuable participation, the Company successfully integrated Leader-Invest into its Moscow business and began implementing landmark projects such as the Shagal residential complex, in Moscow, our first 15-minute-city project, developed in collaboration with leading international and Russian architects and urban planners. I wish Maxim success in his further endeavours.”
This and other recent announcements are available on the Etalon Group website:
https://www.etalongroup.com/en/news/.
IR Team
About Etalon Group
Founded in 1987, today Etalon Group is one of the leading nationwide players in Russia’s development and housing construction sector. The Company develops real estate projects for the middle class in Moscow, the Moscow region and St Petersburg. The Company has been actively developing in eight regions across Russia since 2021, with large-scale projects under way in Omsk, the Novosibirsk region, Ekaterinburg, Tyumen and Kazan. With 38 years of successful operations and ongoing regional expansion, the Company remains one of the largest players in the Russian real estate market. Since its foundation, Etalon Group has delivered 9.2 mln sqm of real estate.
Thanks to its integrated business model, Etalon Group creates added value for customers and shareholders at every stage of development, from land plot analysis and acquisition to the operation and maintenance of existing properties. Etalon Group employs more than 6,000 people.
Etalon Group’s total assets comprise 27 projects under development, unsold inventory at completed residential complexes and commercial properties, with total unsold NSA of 5.5 million sqm, as well as a construction and maintenance division. According to Nikoliers, the value of Etalon Group assets as of 31 December 2024 was RUB 305 billion.
In 2025, Etalon Group’s new contract sales totalled 671 ths sqm, or RUB 153.5 billion.
The Company’s revenue in 2024 amounted to RUB 131 billion, with EBITDA of RUB 27.6 billion.
Etalon Group shares are traded on the Moscow Exchange (ticker ETLN) and have been included in the Level 2 quotation list since September 2025.