Press releases – 2010
Directorate change
07 Sep 2010
Chagala, the specialist London-listed Kazakhstan real estate developer and operator (symbol: CHGG), announces today, that in line with the continuing development of the Group, Tim Abson, presently Chief Executive Officer, will take over from Mark Lockwood as Chairman from the 1 January 2011.
Tim, the founder of Chagala, will be focusing on shaping future strategy, investor relations and will continue to maintain his long standing relationships built-up over the past 19 years in Kazakhstan.
Mark will remain on the Board as a non-Executive Director. Everybody at Chagala would like to thank him for his guidance and contribution over the past four years.
Chagala also announces the appointment of Francisco Parrilla as the Group's new Chief Executive Officer from the 1 January 2011. Francisco will focus on implementing the Group's strategy, maximising the Group's existing assets and preparing for future development.
Francisco has been with the Group for eighteen months, is currently Head of the Construction division and managed the completion of the planned pipeline of developments.
Francisco, 37, joined Chagala in 2009 from European Future Group where he was Real Estate Development Director for Romania. His responsibilities included structuring and developing several residential, commercial, retail and industrial projects. His earlier career has also included engineering roles at Arup and Turner & Townsend.
Francisco graduated from Universidad Pontificia de Comillas ICAI, Madrid, Spain in 1997 with a degree in Industrial Engineering and has an MBA from London Business School.
Tim Abson, Chief Executive Officer of Chagala Group, commented:
"We are delighted that Francisco has accepted the Board's invitation to become Chief Executive Officer. He has played a core role in the company's growth over the last eighteen months and is ideally placed to help Chagala take advantage of the major opportunities available in Kazakhstan."
Chagala Group will be announcing its unaudited half year results for the six months ended 30 June 2010 on 10 October 2010. Tim Abson, Chief Executive Officer, will be available on the day for any further enquiries.
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For more information:
Chagala Group
Tim Abson, Chief Executive Officer
Terry Powell
+7 727 298 0131
Pelham Bell Pottinger
Victoria Geoghegan
+44 20 7861 3232
Notes to Editors:
* Chagala is a service company focused on providing long and short term accommodation solutions to domestic and international oil and gas companies developing Kazakhstan’s largest hydrocarbon discoveries
* With the ownership of hotels, guest houses, serviced apartments, remote site facilities, restaurants and offices in its portfolio, Chagala is well positioned to capitalize on the oil and gas investment being made in Kazakhstan
The full press release in PDF format