RUSSIA: X5 Retail CEO Gusev steps down
- X5 Retail CEO Andrei Gusev steps down from his role
- Took role in March 2011
Gusev's departure from X5 Retail is effective immediately
The CEO of Russian retailer X5 Retail Group Andrei Gusev has quit after just one year in the role.
Gusev's departure is effective immediately, X5 said today (13 July), but he will remain with Russia's largest retailer by sales in an advisory capacity.
The company did not give a reason for Gusev's resignation. He moved from his position as X5 deputy CEO to become chief executive last March. He replaced Lev Khasis, who stepped down after five years in the job.
X5 also announced today a 2.5% fall in like-for-like sales for the first half of the year, although the sales trend did improve in the second quarter.
Stephan DuCharme, an independent member of the X5's supervisory board, will take on the role on a temporary basis while the company initiates a search for a new CEO, it said.
Both resignations follow a string of high level management departures at X5, including the exit of its discount format director, its supermarket boss and its hypermarket chief.
X5 CEO ANDREI GUSEV STEPS DOWN
Amsterdam, 13 July 2012 - The supervisory board (the "Board") of X5 Retail Group N.V. ("X5" or the "Company") today announced that Andrei Gusev has resigned as chief executive officer (CEO), effective immediately, but will remain available in an advisory capacity. Mr. Stephan DuCharme, a member of the Board, has been delegated by the Board to assume Mr. Gusev's role on a temporary basis. The Board will shortly initiate a search for a new CEO.
Herve Defforey, chairman of the Board, commented:
"The Board would like to thank Andrei for having led the transformation of the Company into a true multi-format retailer, establishing a strong platform for continued growth and development. Over the past months the Company has recruited a strong team of senior managers across the main functions of the business which enjoys the full support of the Board."
Note to Editors:
Headquartered in Moscow, X5 Retail Group (LSE: FIVE, Moody's - "B2", S&P - "B+") is Russia's largest retailer in terms of revenue. The Company operates several retail formats: the soft discounter chain under the Pyaterochka brand, the supermarket chain under the Perekrestok brand, the hypermarket chain under the Karusel brand, the online retail channel under E5.ru brand and convenience stores under various brands.
As at 30 June 2012, X5 had 3,298 Company-operated stores. It has the leading market position in both Moscow and St. Petersburg and a significant presence in the European part of Russia. Its store base includes 2,783 soft discounter stores, 341 supermarkets, 77 hypermarkets and 97 convenience stores. The Company operates 28 DCs and 1,539 Company-owned trucks across the Russian Federation.
X5 is run on an SAP platform.
As at 30 June 2012, X5's direct franchisees operated 399 stores across Russia.
For the full year 2011, net sales totaled USD 15,455 mln, EBITDA reached USD 1,130 mln, and net profit amounted to USD 302 mln. For the first quarter 2012, net sales totaled USD 3,871 mln, EBITDA reached USD 274 mln and net profit amounted to USD 66 mln.
X5 Shareholder structure is as follows: Alfa Group - 47.86%, founders of Pyaterochka - 19.85%, X5 Directors - 0.14%, treasury shares - 0.11%, free float - 32.04%.
Original source: X5
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