The Board of Directors of the United Aircraft Corporation decided to terminate the powers of the President of the Irkut Corporation Alexey Fedorov ahead of schedule. UAC Senior Vice President Oleg Demchenko, who previously headed this corporation from 2005 to 2011, was elected in his place, the UAC statement says.

At the meeting of the board of directors of Irkut held today, Demchenko was elected president of the corporation, and he was also elected chairman of the board of Irkut.

“The election of Demchenko, under whose leadership such key programs as MS-21 and Yak-130 were launched and successfully developed in the corporation, will ensure continuity in management and high efficiency of the work of OJSC Irkut Corporation. Demchenko will retain the position of senior vice president of JSC UAC,” the corporation said in a statement.

Chairman of the state corporation Vnesheconombank Vladimir Dmitriev, who has headed the board of directors of the corporation since 2011, was re-elected as Chairman of the Board of Directors of the UAC.

The decree on the creation of the United Aviation Corporation was signed by Russian President Vladimir Putin in February 2006, and Fedorov was appointed head of the corporation. In February 2011, Mikhail Pogosyan was appointed head of the UAC, and Fedorov became the head of Irkut.

Irkut is a vertically integrated corporation that provides a full cycle of work on the design, production, sales and after-sales service of military and civil aviation equipment. Irkut specializes in the production of Su-30 and Su-27 fighters, Be-200 amphibious aircraft, and the company is also developing the MS-21 aircraft.

The main shareholder of Irkut is UAC, which owns 82.55% of the company's shares. The Sukhoi company owns 9.97% of Irkut, private and institutional investors own 4.67%.

Demchenko was re-elected President of Irkut