Satovsky Boris Lvovich

On June 23, 2011 JSC "Russian Navigation Technologies" (further – RNT) – one of leaders of the Russian market of monitoring systems and control of motor transport – announces that at an extraordinary meeting of shareholders of the company Boris Satovsky's resignation is accepted, and Ivan Nechayev is appointed the new CEO of RNT.

Boris Satovsky and Ivan Nechayev stood at the origins of development of RNT. Future company began to develop in 2000 – in the form of a student's startup based on department of program developments of the Ruslan Kommyyunikeyshns system integrator which owner is Boris Satovsky to this day. In 2005 Mr. Satovsky acted as the angel investor of the project therefore it continued the development in the form of the separate legal entity – Russkiye Navigatsionnye Tekhnologii Ltd, and Boris Satovsky held a post of the CEO of the company.

For these years under control of Boris Satovsky RNT achieved impressive results: developed and brought to the market own product – the monitoring GLONASS/GPS system Avtotreker, took the leading positions in the Russian commercial market of monitoring systems of transport, performed regional expansion, having created the partner network, largest in the industry, began an exit to international markets. In many respects it became possible thanks to efforts of top management of RNT on attraction of venture investments into the company: in 2008-2009 two rounds of investments from VTB the Venture Fund were performed, and in 2010 RNT successfully came for the IPO in the sector "Market of innovations and investments" of MICEX. In 2010 the company achieved doubling of financial performance, and growth rates significantly exceeded the management expectations sounded at an output of the company to the IPO.

Temporary use of rapid steady growth of financial performance and market share requires the advancing development of a business management system and also deduction of leadership in forecasting of the forthcoming changes in the Russian market. With respect thereto shareholders of RNT considered it expedient to implement the procedure of change of the company executive planned earlier.

"The decision on resignation is completely approved with major shareholders of the company, – Boris Satovsky notes. – Summing up the financial results of 2010, I drew a conclusion that my mission connected with RNT is completely executed. Ivan Nechayev is that head who will be able quickly to pick up the tasks which were earlier solved me to save succession in business development and to bring the company to new heights. We work hard years in one command. It is very important for RNT as the fast-growing company that reins of government will pass from one director to another without decrease in growth rates of business. I wish the RNT command new bright success and achievement of even more impressive results of activity in the Russian and world markets".