On Friday, Ukrproduct Group, a Ukrainian dairy producer listed on the AIM of the LSE, announced that the group’s CFO, Dr. Dmitry Dragun had tendered his resignation and will step down from his position on September 25.
We view this news as NEGATIVE for Ukrproduct’s investment case, as this is the second company executive to resign in the past several months, after CEO Iryna Yevets quit in April. In our view, the resignation could be a signal of discord between company management and majority shareholders, as one of the shareholders, Sergey Evlanchik, took over the company after Ms. Yevets resigned. We will continue tracking further Ukrproduct developments.

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