IT solutions provider Softline intends to split the operating business into two independent companies, singling out operations in the Russian Federation into a separate structure, the company said .
It is supposed that business in the Russian Federation will receive the name „Softline Russia”, and business outside it – Softline Global, although these names will change in the future. Softline Global intends to keep the company’s listing on the LSE.
The split will require a series of permits, including shareholder approval.
It is noted that after the division of the business, the board of directors and the management of Softline Russia will consider how best to provide the shareholders of Softline Russia with the liquidity of their shares.
The company has already begun the separation process and has appointed a number of outside consultants.
Changes in Softline management
In connection with the division of business, there will be changes in the management of Softline, which will come into force on August 1, 2022. Softline’s current COO Sergey Chernovolenko will become the chief executive officer of Softline Holdings Plc and lead the unbundling process. He will succeed Roy Harding, who will continue to serve on the Board of Directors as an Executive Director and will also be responsible for integrating strategic acquisitions within Softline Global.
After the separation is completed, Chernovolenko will become the CEO of Softline Global and join its board of directors. The current CEO of Softline International, Herve Tessler, will take on the new position of President of Softline Global. The current CFO of Softline International, Burak Ozer, will become the CFO of Softline Global. Softline Global headquarters will be located in the UK.
The current CEO in Russia, Vladimir Lavrov, will become the CEO of Softline Russia. The current financial director of Softline Holdings plc, Artem Tarakanov, will become the financial director of Softline Russia. Softline is the leader in the Russian market, it is assumed that the division will allow the company to continue to strengthen its leading position. The headquarters of „Softline Russia” will be located in Moscow.