Vimpelcom, the third-biggest mobile operator in Russia, hired Verizon Wireless' former chief for some internal house cleaning. The former finance chief of largest mobile provider in the US would help find ways to reduce the Russian telecoms firm's  US$23 billion debt.

Vimpelcom owned operations in Italy and other emerging markets. On Wednesday, it said it would move its shares to Nasdaq, the technology market in the US, after almost twenty years of trading on rival NYSE Euronext so that it could reduce its costs.

According to analysts, Andrew Davies' appointment as Vimpelcom's chief financial officer would aid the Amsterdam-headquartered service provider in cutting its debt. Vimpelcom's debt increased in 2010 when the company tried to expand outside of Russia. It signed a deal worth US$6 billion for the Orascom Telecom of Egypt and the Wind of Italy.

The net income of Vimpelcom climbed by 17% year over year to US$573 million, beating the poll forecast of Reuters of US$497 million. Its revenue was US$5.7 billion while its earnings before interest, taxation, depreciation and amortisation dropped by 2% to US$2.4 billion with a 42.4% margin.