Mordashov, who also heads the Severstal steel company, will replace Sergei Batekhin, the deputy general director of Interros financial holding, a co-owner of Power Machines, according to a December 20 decision by the Board of Directors.
The Mordashov-controlled, Cyprus-registered Highstat Ltd. increased its stake in Power Machines to over 55% in early December.
Michael Suess, vice president of the Siemens Power Generation Group, was elected deputy board chairman. German electronics and engineering giant Siemens holds a blocking stake in Power Machines.
The board also elected a new seven-member management committee.
Established in 2000, Power Machines is involved in the maintenance and modernization of equipment for steam, nuclear, hydro, and gas turbine power plants.
