RUSSIA: Pyatyorochka founder Vysotsky exits X5
X5 Retail's discount format director Oleg Vysotsky is leaving the supermarket group, the company has confirmed.
Vysotsky will continue to manage the business for an interim period and will serve as a "transition advisor" when a successor has been appointed, X5 said in a statement.
"The company has already identified internal and external candidates and is conducting an exhaustive search to consider the broadest pool of management talent for this position," X5 said.
Vysotsky was a co-founder of the Pyatyorochka chain, which was renamed X5 Retail Group in 2006, and has been with the group for 15 years.
The turbulence in X5's senior management line-up has prompted speculation that internal divisions have emerged since long-serving chief executive Lev Khasis left the company a year ago to join Walmart.
Collectively, Pyatyorochka founders hold a 19.85% stake in X5. When contacted by just-food, the company declined to comment on the size of Vysotsky's personal holding in the group.
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