Garrett Soden has been announced as the new CEO, effective immediately, replacing Martin Hermansson, who had served as the company’s president and CEO since June 2010. Mr Hermansson has been instrumentnal in building the company into one of the largest forestry and sawmilling operations in Russia.

"Garrett has considerable management experience in public companies, and he comes on board with a clear mandate to crystallize the significant value in RusForest’s assets," said chairman Kenneth Eriksson.

"We would like to thank Martin Hermansson for his hard work during a challenging time for the company."

New CEO Mr Soden was previously chief financial officer of Etrion Corporation, a renewable energy company.

RusForest’s acting chief financial officer Kirill Pronin has also been appointed as full-time chief financial officer.

The Swedish-owned sawmiller, which runs four sawmills in Russia, recently held a successful SKr452m rights issue to provide a much-needed cash injection after posting an annual loss of SKr288.7m – double that of the previous year.