Ex-economy minister takes helm of Ukroboronprom defense giant's Supervisory Board

Former Minister for Development of Economy, Trade and Agriculture Tymofiy Mylovanov, who has been a member of state-run Ukroboronprom since late May, will now chair the defense conglomerate's Supervisory Board.

That's according to a report by the company press service, released June 2.

As noted, the Supervisory Board, whose composition was recently updated, held a meeting where members unanimously elected Mylovanov as their new chair.

Read alsoUkroboronprom more than doubles net profit in 2020Mylovanov said the reform at Ukroboronprom allows swiftly turning enterprises that are part of the defense giant into viable business entities.

"This will automatically open access to capital, investment, and international technology transfer. We have no right to fail in grasping the chance for the financial and economic recovery of Ukroboronprom enterprises if corporatization allows us equipping our Army with the latest high-tech and science-intensive weapons and military hardware," Mylovanov said, speaking about the importance of the adoption of the bill on Ukronoronprom's corporatization.