Andriy Kobolyev / Photo from UNIAN
Bonuses were also canceled.
Ukraine's Cabinet of Ministers says Chief Executive Officer (CEO) of National Joint-Stock Company Naftogaz of Ukraine Andriy Kobolyev's salary has been more than halved.
Read alsoKobolyev's contract with Naftogaz expires in March 2020, extension depends on Supervisory Board
"The Supervisory Board of NJSC Naftogaz [of Ukraine] has extended the contract with Naftogaz CEO Andriy Kobolyev for another four years – until March 22, 2024. Under the new contract, Naftogaz CEO's pay has been reduced by more than half. Payment of bonuses was also canceled and the issue was removed from the agenda," according to an announcement on the government portal.
In addition, a number of criteria for evaluating Naftogaz CEO's performance have been set, including the fulfillment of the budget revenue plan and an increase in the country's natural gas production. "The government supported the respective decision, taking into account the conditions put forth by the Supervisory Board," it said.
As UNIAN reported earlier, a source in the gas market on March 16 confirmed to UNIAN that Naftogaz's Supervisory Board had extended the contract with Kobolyev for another four years.
UNIAN memo. From 1999 to 2002, Kobolyev worked at PricewaterhouseCoopers (PwC) Ukraine as a consultant on strategic management and corporate transformation.
From 2002 to 2010, he held various positions at NJSC Naftogaz of Ukraine. He also worked for AYA Securities as an adviser.
Ukraine's Cabinet of Ministers appointed Kobolyev Naftogaz CEO in March 2014. In March 2019, his contract was extended for another year.