LetterOne Overview of Company Structure and Leadership

LetterOne is a privately held investment company with a diverse portfolio of assets across various sectors.

The company was founded by billionaire Mikhail Fridman in 2013, following the restructuring of his previous investment vehicle, Alfa Group.

LetterOne has a global presence with operations in Europe, the Americas, and Asia, indicating a significant reach and influence in the business world.

With a focus on long-term value creation, LetterOne invests in industries such as energy, healthcare, and finance, suggesting a commitment to sustainability and growth.

LetterOne's key players are a group of experienced investors and business leaders who have made significant contributions to the company's success.

Leonid Michelson, the founder and majority owner of LetterOne, has a long history of building and investing in successful businesses.

He has a net worth of over $15 billion, making him one of the richest people in the world.

Michelson's business strategy focuses on creating value in industries such as energy, real estate, and finance.

He has a strong track record of making smart investments and taking calculated risks.

Igor Makarov, another key player at LetterOne, has a background in finance and has been instrumental in the company's growth.

He serves as the CEO of LetterOne Holdings, the holding company that oversees the group's various businesses.

Makarov has a strong understanding of the global financial markets and has played a key role in shaping LetterOne's investment strategy.

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LetterOne has four main business units: L1 Health, L1 Technology, L1 Retail, and L1 Energy, the latter being an oil and gas investment company formed in 2015.

LetterOne's L1 Energy unit is supported by L1 Treasury Services, which manages the group's liquidity and financial investments, including private equity holdings.

All of LetterOne's units are long-term investors, taking either minority holdings or full ownership of portfolio companies.

LetterOne participates in private equity funds, such as those operated by Pamplona Capital Management, which provides an alternative investment platform across private equity, fund of hedge funds, and single manager hedge fund investments.

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As of 2014, LetterOne managed approximately $25,000 million in assets, sourced from the sale of TNK-BP funds, as well as assets invested in before the L1 Group's formation.

These assets include VimpelCom, Turkcell, and private equity investments.

LetterOne has announced plans to invest in the oil, gas, telecommunications, and technology sectors.

In 2015, LetterOne sold its North Sea oil fields to the chemical company Ineos for an undisclosed sum.

LetterOne's L1 Energy unit acquired Eon's shares in three Norwegian fields in production, located in the North Sea, in 2015.

The company's L1 Treasury Services manages the group's liquidity and financial investments, including private equity holdings.

LetterOne invests strategically in listed companies, or through private company ownership.

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The Board of Directors of LetterOne is responsible for setting the investment strategy and making investment decisions. This group is crucial in shaping the company's future.

In 2023, the five-member Board of Directors included Mervyn Davies as Chairman, Jonathan Muir, Franz Humer, Richard R. Burt, and Wulf von Schimmelmann.

Mervyn Davies, the Chairman, has been a key figure in the company's decision-making process. He has stated his determination to protect the 120,000 jobs throughout the UK, US, and Europe funded by LetterOne.

The Board of Directors has undergone significant changes in recent years. In early 2022, all co-founders left the company in March, following the start of the Russian invasion of Ukraine.

Here is a list of the current Board of Directors:

The company has made a commitment to donate US$150 million to Ukrainian relief efforts, demonstrating its support for the people of Ukraine.