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Damyanov was born in Lopushna, near Ferdinand (today Montana), Bulgaria. He served as defense minister during the first stage of Bulgaria's communist regime, from 1946 to 1950. On May 27, 1950, he was appointed Chairman of the Presidium of the National Assembly (head of state). He served in that position for 8 years, until his death. He died in Sofia, Bulgaria. During his time in office much of the power was held by the general secretaries of the party, first Vulko Chervenkov and then Todor Zhivkov.
| Chairman of the Presidium of the National Assembly
27 May 1950 – 27 November 1958