Maksym Tymchenko

Education

Maksym Tymchenko graduated with honours from Donetsk State Academy of Management (1997) with a degree in Production Management and obtained a BA degree in Economics and Social Sciences from Manchester University (UK) (1998).

Biography

Maksym Tymchenko was born on 12 August 1975 in the village of Novoselitsy, Novgorod Region, Russia, in the family of a military officer.

In 1992, after leaving secondary school 1 in the city of Donetsk, Ukraine, Timchenko enrolled in Donetsk State Academy of Management. He graduated from the Academy with honours and earned a degree in Production Management. He obtained a Bachelor of Arts degree in Economics and Social Sciences from Manchester University (UK) in 1998.

Tymchenko began his career as a consultant at PricewaterhouseCoopers (1998–2002), where in four years (from 1998 to 2002) he rose to the position of a senior auditor. He is a member of the Association of Chartered Certified Accountants (АССА).

In 2002, Maksym Tymchenko was invited by System Capital Management (SCM) to take the position of senior manager in charge of power assets of the group.

In July 2005, SCM spun off its power assets to set up a stand-alone business, which was chaired by Maksym Tymchenko. Since then Tymchenko has been the chief executive officer of DTEK, the leading Ukrainian energy company.

Married, has a son.

Career

Maksym Tymchenko has been holding managerial positions for 11 years: in 2002 he was appointed senior manager of SCM, and since 2005, he has been the CEO and Chairman of DTEK Management Board.

Management of DTEK

Maksym Tymchenko has been the CEO of DTEK since the foundation of the company in July 2005. He is also the Chairman of DTEK Management Board.

Under his supervision, the company has determined the key areas for development. Tymchenko was one of the key initiators of creating the vertically integrated chain of coal production, electricity generation and distribution within SCM Group. The vertical integration helped the company successfully overcome the global economic crisis of 2008, which proved that it had made the right choice of the business model. The vertical integration of the operating companies ensures security and provides for development even in the least favourable environment. Today DTEK is Ukraine's leading energy company with a modern governance system, employing over 140 thousand people. In 2011, DTEK was recognised as the best national employer.

Maksym Tymchenko initiated large-scale organisational changes in DTEK's governance system, involving all businesses and aimed at the improvement of the company’s efficiency and competitiveness.

Tymchenko guided DTEK's restructuring: by the end of 2012, the company adopted the new structure, which includes 13 mine groups (comprising 31 mines and coal processing facilities), seven coal processing plants, ten thermal power plants, five power supplying companies, DTEK Oil&Gas, and Botievo wind farm, the largest wind power plant in Ukraine, (the operator is Wind Power LLC), the first stage of which was commissioned in October 2012.

In 2008 and 2009, Maksym Tymchenko was recognised the best top manager of Ukraine under the Ukrainian TOP-100 rating prepared by the publishing house Ekonomika, and in 2012 and 2013 he was named first among best top managers in the Ukrainian energy sector. In 2013, Timchenko was among top ten in the 25 Best CEO rating prepared by the Forbes Ukraine.

World Economic Forum "Energy for Society" Initiative

Maksym Tymchenko was one of CEOs and chairpersons of twenty world’s leading energy companies who committed to and signed World Economic Forum "Energy for Society" Initiative. The signatories signed five key principles for interaction between the energy business community and society during WEF on 11 September 2012.

The key principles of "Energy for Society" Initiative:

1. Secure and affordable access to energy

Aspire to provide secure and affordable access to energy to meet the needs of a growing world population. We wish to do so in cooperation with governments and civil society, who grant the license to operate and ensure regulatory predictability to sustain energy investments.

2. Efficient energy systems

Seek to efficiently produce, transport and deliver energy and to promote more effective demand-side management while minimizing undesirable impact on the environment and climate, always taking into consideration the consequences for posterity.

3. Responsible citizenship

Aim to deepen our understanding of societal needs and aspirations and act as a responsible corporate citizen and constructive partner by engaging with civil society and governments in a collaborative and transparent way.

4. Contributing to economic development

Help to drive economic growth, employment, development and innovation in the societies in which we operate, with special focus on strengthening communities related to energy industry operations.

5. Promoting energy literacy

Promote energy literacy and fact-based policy, supported by robust and objective data.
DTEK's chapters Advantages and Challenges of the Ukrainian Energy Sector and Energy for Economic Growth: a New View of the Energy Sector in 2012 were included in World Economic Forum reports prepared in partnership with IHS CERA.

Awards