RUSSIA: Fuchs latest senior exec to leave X5 Retail Group
- Hypermarket chief Fuchs leaves
- Follows resignation of CEO Gusev
- X5 battling falling LFL sales
Jan Fuchs has become the latest senior executive to leave Russian retailer X5 Retail Group.
Fuchs, the head of X5's hypermarket operations, had "decided to leave the company", X5 said in a statement yesterday evening (28 August).
The former Rewe executive only joined X5 in November and his departure will add to the uncertainty surrounding the company.
Last month, X5 said CEO Andrei Gusev had resigned from the business after just a year in the role. The company has yet to appoint a permanent replacement, with director Stephan DuCharme in charge on a temporary basis.
X5's sales and margins are growing at a slower rate to its rivals and the company is losing market share. Last week, X5 said its like-for-like sales had dropped by 2.5% in the second quarter, its third consecutive quarter of like-for-like decline.
Analysts have suggested X5's recent performance could be partly explained by changes to its management team. As well as Fuchs joining in November, former Lidl executive Frank-Michael Mros was appointed in May to run X5's discount business. Last year, ex-Tesco executive Paul Martins was named commercial director.
Alongside Fuchs' exit, X5 said Valeriy Tarakanov, head of its convenience stores, would now lead its supermarket chain. Igor Sotnikov, general director of the supermarket format, has been appointed director of logistics, replacing Alexander Ermolenko, who has decided to leave the retailer.
For an analysis of X5's recent performance and why the next year could be a telling one for the business, read our latest BRICs and beyond column.
X5 RETAIL GROUP ANNOUNCES MANAGEMENT TEAM RESHUFFLE
Amsterdam, 28 August 2012 - X5 Retail Group N.V. ("X5" or the "Company"), Russia's largest retailer in terms of revenue (LSE ticker: "FIVE"), announced today that the Company's Supervisory Board has approved a number of changes to X5's Executive Board in order to improve execution on the Company's strategy and streamline operations.
Valeriy Tarakanov, General Director of the convenience store format, has assumed responsibility for the supermarket format. Igor Sotnikov, General Director of the supermarket format, has been appointed as Director of Logistics. Mr. Sotnikov was previously Director of Logistics for the supermarket format and managed the integration of logistics during the merger between soft discounters and supermarkets. Igor will continue to implement the strategy created by former Director of Logistics, Alexander Ermolenko, who has decided to leave the Company.
In other changes, Jan Fuchs, General Director of the hypermarket format, has decided to leave the Company. An announcement regarding his replacement will be made at a later date.
Original source: X5 Retail Group
As our understanding of the horse meat contamination scandal develops the number of food products drawn in is likely to expand, raising some fundamental questions about the security of our food supply...
The UK's Food Standards Agency has insisted the traceability systems in place to track ingredients down the supply chain are proving robust as it works to uncover how undeclared horse meat made its wa...
McAdam Food Service, the Irish meat importer that ABP Foods claimed supplied it with horse meat-contaminated beef, has downplayed the possibility it is involved in the scandal....
- What US companies might Nomad Foods buy?
- Challenges for General Mills with The Good Table
- Why investors are concerned about water risk
- Greek crisis - The impact on shopper behaviour
- Competition intensifies among UK burger chains
- B&G Foods "front-runner for Green Giant"
- Mitsubishi buys stake in Olam International
- FrieslandCampina H1 earnings up despite flat sales
- Mengniu sales dip but work on costs boosts profits
- French body calls for five-colour nutrition labels
- Management briefing: just-food’s industry outlook for 2015
- Food Flavourings & Colourings (UK) - Industry Report
- Bakery Market in Japan: Forecast, and Market Analysis 2015-2019
- Probiotic Ingredients Market by Function, Application, End Use, Ingredient, and by Region - Global Trends & Forecast to 2020
- Nestle USA, Inc.: Consumer Packaged Goods - Company Profile & SWOT Analysis