Non-Kazakhstani person to lead LOTTE Rakhat

Konstantin Fedorets, the current CEO who has headed the company since 2018, will leave Rakhat on April 21. This decision was made by the company’s board of directors on March 24, according to the Kazakhstan Stock Exchange website.

The board has already chosen Akhmed Akhrarov, former deputy head of Russian Konti-Rus, as the new CEO of Rakhat. He is going to start working on April 21, 2023, according to a document signed by Kirill Shumkin, acting head of LOTTE Rakhat.

Once the changes enter into force, the company board will include three non-residents Akhmed Akhrarov, Park Gyun Youl and Yim Wonhyeok as well as three Kazakhstan citizens Marat Nurgaziyev, Zhanna Orazbayeva and Kirill Shumkin.

In 2013, LOTTE Confectionery co. bought a stake in Rakhat. In 2019, the South Korean giant increased its stake to 95.5656%.

Last summer, the company’s subsidiary Rakhat Shymkent suspended its work due to a shortage of sugar. Since October 22, 2015, the division had produced waffles, cookies and biscuits. When Russian banned its export of sugar, the Kazakhstani company said it can no longer work as usual.