07 May 2015

Lord Davies appointed Deputy Chairman of the LetterOne Group

The LetterOne Group is delighted to announce that Lord Davies of Abersoch has been appointed non-executive Deputy Chairman of the LetterOne Group with immediate effect.

The LetterOne Group is delighted to announce that Lord Davies of Abersoch has been appointed non-executive Deputy Chairman of the LetterOne Group with immediate effect.

LetterOne is an international investment firm with widespread interests in a number of industries. The Group’s intention is to make long term large-scale investments where it believes it can generate value through the application of expertise and the provision of capital.

Commenting on Lord Davies’s appointment, Mikhail Fridman, Chairman of the LetterOne Group, said:

"We are delighted that Lord Davies is joining the LetterOne Group as non-executive Deputy Chairman. As a proven international businessman with a unique blend of skills and experiences, he is a great addition to our Board”.

“Mervyn is the ideal independent adviser to us, as shareholders, to ensure we have the highest standards of governance and business practice. I look forward to working closely with him”

Lord Davies, said,

“I am looking forward to providing advice to this world class new venture.  It needs to have the highest international standards of corporate governance and I enjoy participating in the transformation of businesses, creating value and advising well run institutions”.  

“It is a pleasure to work with a group of successful and talented entrepreneurs at such an interesting time for the world economy.”

Notes to editors:

  1. The LetterOne Group is a global investment firm focused on the oil and gas and technology sectors.
  2. The LetterOne Group, comprising LetterOne Holdings S.A., the Group’s Luxembourg holding company, and its subsidiaries, was born from the disposal of a 25% stake in TNK-BP to Rosneft in March 2013.

Biography

Lord Davies of Abersoch, CBE

Lord Davies is a Partner and the Chairman of Corsair Capital, a private equity firm specialising in financial services.  He has a wide range of interests, including being Chairman of the Royal Academy of Arts Trustees, Chairman of the Garden Bridge Trust, Chairman of Chime Communications plc and is an adviser to a number of other leading corporations. He was Minister for Trade, Investment, Small Business and Infrastructure from January 2009 until May 2010. Prior to that, he was Chairman and previously CEO, and served on the Board of Standard Chartered for over 12 years. He was awarded a CBE for his services to the financial sector and the community in Hong Kong in June 2002 where he served as a member of the HK Exchange fund for seven years.  Lord Davies is also a JP in Hong Kong. Lord Davies is married with two children and is a fluent Welsh speaker.

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