Vostok New Ventures‘ controversial chairman Lars O Grönstedt has been reelected. Some of the company’s shareholders were opposed to his reelection after he gifted CEO Per Brilioth with $15 million following Vostok’s successful sale of its Avito shares.
Vostok’s investment in Avito was initiated by Brilioth 11 years ago and brought in a net return of $578.8 million. The internal rate of return for the period was 37 percent. The “gift” didn’t form part of any bonus incentive programs.
The election took place at Vostok’s annual general meeting on Wednesday where it was also decided that the chairman would be paid $155 000.
The new board is made up by Lars O Grönstedt, Per Brilioth (LinkedIn profile), Josh Blachman (LinkedIn profile), Keith Richman (LinkedIn profile), Ylva Lindquist, and Victoria Grace (LinkedIn profile). All were reelected.