IBS Group Holding Announces Changes to the Board of Directors

22 Apr, 2014, 03:00 ET from IBS Group Holding Ltd

RAMSEY, Isle of Man, April 22, 2014 /PRNewswire/ --

IBS Group, a leading software development and IT services provider in Central and Eastern Europe, announces that Brian Charles Monk has resigned as a member of the company's Board of Directors, effective April 18th, 2014. Brian served on the Board since April 2004.

Simultaneously with Brian's departure, Sergei Shibaev was elected to serve on the Board of Directors as a non-executive director, effective April 18th, 2014.

Anatoly Karachinsky, President of IBS Group, said: "We would like to thank Brian for his long-standing association with IBS. The company benefited immensely from his dedicated service that significantly contributed to our success. At the same time we are delighted to welcome Sergei with his vast executive experience and strategic vision to our Board of Directors".

Sergei Shibaev, 55, is a senior executive with broad international experience in finance and strategy. During his career that has spanned over 30 years, Mr. Shibaev occupied different leadership roles with international consulting firms including Managing Partner with Coopers & Lybrand, Head of Corporate Finance with ING Barings and Partner with Roland Berger Strategy Consultants, among others. Sergei has served on a number of corporate boards as a non-executive director chairing audit committees for the several leading public and private companies.

Mr. Shibaev is Fellow Chartered Certified Accountant (FCCA), UK and has a MS and PhD from the University of International Relations, MGIMO, Russia and an MBA from Henley Management College, UK.

About IBS Group Holding Limited 

IBS Group is a leading software development and IT services provider in Central and Eastern Europe. Through its two principal subsidiaries, Luxoft and IBS IT Services, it offers a wide variety of information technology services, such as software development and IT services outsourcing, IT infrastructure and business applications implementation. IBS Group has business operations in Russia, Ukraine, Romania, Poland, Germany, Switzerland, the UK, the USA, Vietnam and Singapore. IBS Group employs more than 9,500 people worldwide. In the year ended March 31, 2013, the Group reported US GAAP consolidated revenues of USD870.3 million. IBS Group's Global Depositary Receipts are listed on the Regulated Market (General Standard) at the Frankfurt Stock Exchange (Bloomberg: IBSG:GR; Reuters: IBSGq.F)

For more information about IBS Group please visit http://www.ibsgr.com or contact

SOURCE IBS Group Holding Ltd