Home Business Tech Markets Entrepreneurs Leadership Personal Finance ForbesLife Lists Opinions Video Blogs E-mail Newsletters People Tracker Portfolio Tracker Special Reports Commerce Energy Health Care Logistics Manufacturing Media Services Technology Wall Street Washington CIO Network Enterprise Tech Infoimaging Internet Infrastructure Internet Personal Tech Sciences Security Wireless Bonds Commodities Currencies Economy Emerging Markets Equities Options Finance Human Resources Law & Taxation Sales & Marketing Management Technology Careers Compensation Corporate Citizenship Corporate Governance Managing Innovation CEO Network Reference ETFs Guru Insights Investing Ideas Investor Education Mutual Funds Philanthropy Retirement & College Taxes & Estates Collecting Health Real Estate Sports Style Travel Vehicles Wine & Food 100 Top Celebrities 400 Richest Americans Largest Private Cos World's Richest People All Forbes Lists Business Opinions Investing Technology Opinions Washington & The World Companies People Reference Technology Companies Events People Reference Companies People Companies Events People Reference Companies Events People Reference

Thomson Financial News

FACTBOX-Five facts about new Vimpelcom CEO Nemsic

03.02.09, 06:13 AM EST

March 2 (Reuters) - Telekom Austria Chief Executive Boris Nemsic will become the new CEO of Vimpelcom , Russia's No. 2 mobile carrier, on April 2, Telekom Austria said on Monday.

Following are five facts on Nemsic.

Article Controls






* Nemsic took over Telekom Austria's helm in 2006 after heading the state-controlled group's mobile phone business since 2000. He presided over the group's mobile expansion in former Yugoslavia, Bulgaria and, most recently, Belarus. While markets approved the emerging markets strategy to offset a declining home market, some analysts said Nemsic had overpaid for the $1.4 billion acquisition of Belarusian operator MDC. MDC is competing with Vimpelcom in Belarus.

* The main problem Nemsic faced at Telekom Austria was a legacy fixed-line workforce with civil servant status that is virtually impossible to sack. He dealt with this problem last year by sending as many as 1,250 staff home at full pay, setting aside a whopping one-off charge of 630 million euros ($793 million) to cover their salaries until retirement.

* Nemsic' surprise departure was not preceded by a public debate about his Telekom Austria leadership performance and analysts said they view it as a career move. 'Vimpelcom is much bigger than Telekom Austria, with more growth, and it's mobile-only, all of which in our view should appeal to Boris Nemsic,' said J.P.Morgan analysts in a note to clients.

* Nemsic, born in 1957, is a Bosnian Croat who graduated as an electrical engineer in Sarajevo. He moved to Vienna in 1984 and later became an Austrian citizen. He joined Telekom Austria as a network engineer in 1997 and quickly rose after launching mobile operator Vipnet in Croatia, Telekom Austria's first big move abroad.

* Nemsic is married with two teenage children and was an Austrian handball champion as goalkeeper for UHC Stockerau. He also plays basketball.

($1=.7940 Euro)

(Reporting by Boris Groendahl; editing by Simon Jessop) Keywords: TELEKOMAUSTRIA/VIMPELCOM

(boris.groendahl@reuters.com; +43 1 53112-258; Reuters Messaging: boris.groendahl.reuters.com@reuters.net)


Copyright Thomson Reuters 2009. All rights reserved.

The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.

Neither the Subscriber nor Thomson Financial News warrants the completeness or accuracy of the Service or the suitability of the Service as a trading aid and neither accepts any liability for losses howsoever incurred. The content on this site, including news, quotes, data and other information, is provided by Thomson Financial News and its third party content providers for your personal information only, and neither Thomson Financial News nor its third party content providers shall be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon.

Steve Forbes

CEO Book Club

Book Review The Other India
Book Review Fantasizing About Google
George Anders

A tech blogger imagines what the search giant would do.