The reason for the dismissal of the head of Ukrenergo has been announced
27 September 2025 17:09
on September 26, the Supervisory Board of Ukrenergo dismissed the company’s Chairman of the Board Vitaliy Zaichenko due to the decision of the National Securities and Stock Market Commission, which found procedural violations during previous appointments, as well as due to the loss of confidence in him by the Supervisory Board in connection with “certain events of recent weeks.”
This is stated in a statement by the Supervisory Board of NPC Ukrenergo, which was obtained by Suspilne, "Komersant Ukrainian" reports.
According to the document, from now on, the company will be headed by Oleksiy Brekht as acting chairman of the board. It is noted that Brekht has already managed the company from September 2024 to June 2025, successfully leading Ukrenergo through a difficult winter period and ensuring the stability of the power system during Russian attacks.
In line with the logic of the National Commission’s decision, all other members of the Management Board were dismissed on September 26 with a plan to reinstate them as soon as possible. In addition, Yuriy Boyko, a former long-time member of the company’s Supervisory Board, will join the Board.
“The Supervisory Board emphasizes that these changes are necessary to strengthen the company’s management on the eve of the heating season, protect critical infrastructure and preserve the independence and professionalism of Ukrenergo. Ensuring reliable electricity supply, financial stability and compliance with the EU Energy Community certification standards remain the company’s top priorities,” the statement said.
It is also reported that the current changes are the result of a months-long corporate conflict that has allegedly jeopardized Ukrenergo’s operations and financial stability.
In particular, the statement says that in May 2025, “the shareholder unilaterally amended the company’s Charter, changing the rules for the appointment of managers.” In addition, a new Corporate Governance Code was proposed, which “contains a number of controversial provisions”.
“These changes, implemented without consultation and in violation of international loan agreements, led to a delay in the technical default and halted debt restructuring, and gave creditors the right to demand immediate repayment of loans. These risks were mitigated only by the Supervisory Board’s assurances to the creditors that the company’s independence would be maintained. The company also received a number of other requests and proposals from external parties, most of which distracted from focusing on real challenges,” the document says.
It is noted that in June, the newly appointed CEO Vitaliy Zaichenko “exacerbated the conflict by proposing a board composition that contradicted the instructions of the Supervisory Board, which required the nomination of only internal candidates.”
“Although the Supervisory Board approved the internal team, this decision was challenged on procedural grounds. on September 16, 2025, the National Commission ruled that the appointment took place without the necessary decision of the committee and ordered the Supervisory Board to eliminate the violation,” the Supervisory Board said.
Therefore, to comply with the decision, the Supervisory Board dismissed and plans to reappoint the management board. However, due to the circumstances, Zaichenko lost the trust of the Supervisory Board and was not reinstated, the document says. Therefore, the leadership was handed over to Brecht, who is supported by a team of “experienced energy managers deeply committed to Ukrenergo and Ukraine’s energy security.”
The Supervisory Board also emphasized that Ukrenergo’s independence from political interference is vital to ensure safe, professional and corruption-free management of the company and Ukraine’s energy system.
“The loss of independence would undermine financial stability, jeopardize European certification and ultimately weaken Ukraine’s energy security in the face of ongoing Russian aggression,” the Supervisory Board said.
Zaichenko himself has not yet commented on this information.
As a reminder, in September 2024, the Supervisory Board of NPC Ukrenergo dismissed Volodymyr Kudrytskyi from the position of the company’s CEO. Oleksii Brekht was appointed as interim Chairman of the Board. In June, the Supervisory Board of Ukrenergo elected Vitalii Zaichenko as the new CEO of the company.
