In October 2012 Sollers controlling shareholder and CEO Vadim Shvetsov announced plans to head up the core asset of the automotive holding company – UAZ. While the company attributes the move to part of plans to find a strategic partner for UAZ, it is common practice in Russian business for owners to assume operational management of their companies at a time of crisis.
This could be due to concerns about the current state of the Russian economy against the backdrop of the global recession. To date UAZ had appeared to be in a good financial position, with RAS net profits rising sixfold in the first half of 2012 to RUB 862 million, while car sales rose 10 per cent in January-September 2012 to over 42,000 cars.
This is not the first time that Shvetsov has taken such action – at the height of the crisis that had started in late 2008, Shvetsov had taken over in 2009-2010, before ceding the reins to Sergei Yurasov.