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CTC Media Appoints New CFO

MOSCOW, Oct. 1, 2012 (GLOBE NEWSWIRE) -- CTC Media, Inc. (Nasdaq:CTCM), Russia's leading independent media company, announced today the appointment of Nikolay Surikov, 37, as Chief Financial Officer of the Company effective October 1, 2012.

Boris Podolsky, Chief Executive Officer of CTC Media, said, "I am delighted to welcome Nikolay to the CTC Media management team. He is one of the best financial professionals in Russia and a top performing executive. I had a pleasure of working with Nikolay in the past and highly value his professionalism and deep knowledge of finance and accounting. Nikolay's extensive experience within leading Russian companies and an impressive track record of successfully implemented projects makes him a great addition to our team."

Nikolay Surikov commented, "I am very excited to be joining CTC Media and to become a member of the strong team of professionals. I am looking forward to leading the finance department and to participating in the implementation of the Company's ambitious strategy."

Notes to the editor:

Nikolay Surikov, a Certified Chartered Accountant, served as CFO of VTB Factoring from 2009 to 2012. VTB Factoring is a leader of factoring market in Russia and a subsidiary of VTB Bank, second largest banking group in Russia, listed in London. While at VTB Factoring, he was responsible for building from scratch the finance and operational functions and automation of the main business process.

From 2004 to 2008, Mr. Surikov served as Director, Corporate Reporting of Mobile TeleSystems (MTS). MTS is a New York Stock Exchange-listed company and the largest mobile phone operator in Russia and the CIS. While at MTS, he was responsible for building a centralized well-automated corporate reporting function. He also participated in the finance integration of its numerous legal entities, ERP implementation and SOX compliance projects.

From 1996 to 2004, Mr. Surikov held numerous positions at Ernst & Young, including two years assignment as a Manager, Assurance and Compliance, in Italy, where he provided audit and transaction support services for a number of global FMCG and telecom companies. He also served as Manager of Assurance and Compliance - Russia where he provided project leadership for several audit projects for large telecom companies.

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