PIK company will replace its CEO due to sanctions

The board of directors of the construction company PIK voted to terminate the powers of CEO Ivan Polandov in connection with the imposition of US sanctions . He will leave his post early. This is stated in the company's message on the corporate information disclosure portal.

The clause on the termination of Polandov’s powers was supported unanimously, six people voted for it. The decision was made in connection with the introduction of sanctions against PIK. The new group leader is still unknown.

Polandov headed the development group for a year and a half. He took over the post after the departure of company co-owner Sergei Gordeev from this position in September 2022.

The US Treasury imposed sanctions on PIK in February 2024 . The department noted that the restrictive measures against the developer are related to the company’s work in the sector of the Russian economy intended to support the military-industrial base.

The company said it would continue to operate as usual, despite the sanctions. PIK’s business is located in RUSSIA, and project financing is provided by Russian banks, company representatives emphasized.