Supervisory board of of PJSC “Ukrhydroenergo” announcement on the initiation of the selection process for the Chief Executive Officer

PJSC “Ukrhydroenergo” is the largest hydropower generating company in Ukraine and a critical object of the state’s energy infrastructure. The company plays a pivotal role in balancing the Integrated Power System of Ukraine, providing flexible generation, system and ancillary services, and supporting energy resilience under conditions of full-scale war.

Profile of the Candidate We Seek

The supervisory board is seeking a seasoned leader of a major industrial, infrastructure, or energy enterprise who combines:

• deep understanding of complex technical systems, the power system, and electricity markets;
• strong financial and investment competence (CAPEX, debt structure, cooperation with IFIs);
• experience operating in environments of high uncertainty, crisis, and/or wartime;
• proven capability in building strong institutions – professional executive boards, mature functions, transparent processes, and a modern corporate culture;
• uncompromising integrity and a commitment to act in the interests of the state, shareholder, and society.

The future CEO will be responsible for:

• ensuring continuous, safe, and efficient hydropower operations under wartime threats;
• implementing major restoration, reconstruction, and modernization programs across hydropower infrastructure;
• maintaining the company’s financial stability and balancing investment programs with liquidity and obligations to the state and international financial institutions;
• developing and executing a long-term strategy for Ukrhydroenergo’s post-war evolution;
• initiating of the development of a broadened business model that moves beyond traditional hydropower generation. This includes establishing new revenue lines such as energy-storage solutions, extension of balancing services, expanding the geography of trading, selective expansion into renewable-energy segments and development of digital energy services;
• building a new generation of engineers and managers and strengthening corporate culture.

Selection Process and Application Submission

To ensure a professional, independent, and competitive process, the supervisory board has engaged Korn Ferry as its executive search adviser.

Qualified individuals interested in being considered are invited to submit their CV and a short cover letter (in Ukrainian and, preferably, English) to:

Submission e-mail: [email protected]

Deadline for submission: 15 January 2026 (inclusive).

Only shortlisted candidates will be contacted and invited to proceed to subsequent stages.

Expectations for Candidates in the Next Stages

Candidates selected for further evaluation will participate in an extended assessment process, including:

1. Presentation of their strategic vision for the company

Candidates will be asked to present their perspective on the role of Ukrhydroenergo within Ukraine’s power system during wartime and post-war recovery, including:

• priorities for modernization, investment, risk management, digital transformation, and talent development;
• understanding of the balance between commercial objectives, public obligations, and national security considerations.

2. Mandatory polygraph examination

Given the strategic significance of Ukrhydroenergo for Ukraine’s energy security, candidates must be prepared to undergo a polygraph examination to identify risks related to:

• potential cooperation with foreign intelligence services and/or acting in the interests of the aggressor state, the russian federation;
• corruption motives, conflicts of interest, dependency on third parties whose interests contradict those of the company or the state;
• any other circumstances that may pose a threat to national security, the company’s long-term stability, or the shareholder’s trust.

3. Comprehensive reputational and background screening

Candidates will also undergo detailed reputational due diligence and a deep background check aimed at detecting risks that may:

• undermine the confidence of the shareholder, the Government of Ukraine, international partners, or society;
• jeopardize the long-term stability of the company, its investment programs, or its cooperation with IFIs;
• call into question the candidate’s integrity, independence of judgment, or ability to act solely in the interests of PJSC “Ukrhydroenergo” and the state.

All procedures will be conducted in compliance with Ukrainian law and with governance and compliance standards applied to strategic state-owned enterprises.

Commitments of the supervisory board

The supervisory board of PJSC “Ukrhydroenergo” is committed to ensuring:

• the highest level of transparency in the selection process, including clear evaluation criteria and a well-defined decision-making logic;
• fairness and impartiality in candidate assessment, based solely on professional qualities, experience, competencies, and integrity;
• efficiency and timeliness of the process, given the critical importance of the CEO role for the continuity of Ukraine’s power system;
• strict adherence to the “no surprises” principle in communication with the shareholder, the Government of Ukraine, and key stakeholders regarding the progress and outcomes of the selection.

The final appointment decision will be made in accordance with the highest standards of professionalism, ethics, public service, and alignment with Ukraine’s long-term strategic interests.