Russia's largest retailer X5 Retail Group has announced that Lev Khasis will leave the company after "five successful years as CEO".

The company said yesterday (10 March) that it has accepted Khasis' resignation and its supervisory board has elected Andrei Gusev as successor with immediate effect. The board will recommend that shareholders appoint him as CEO at the retailer's AGM in June.

X5 said that Gusev, currently deputy CEO of the retailer, has "widely contributed to the company's success over the last years". He joined X5 in 2006 and the retailer said he has been "exposed to every facet of the company's business".

Gusev also has over ten years of management consulting experience in "key international firms" working with companies in the retail and FMCG sectors.

Commenting on Gusev's appointment X5 supervisory board chairman Hervé Defforey said: "This management change occurs at a time of strength and momentum for our company.  I have been working with Andrei Gusev over the last five years. I am convinced that the company under Andrei's leadership will continue to be the dominant player in Russian retail in the years to come."

X5 said Khasis will remain with the company until 1 June to "ensure a smooth transition".

"Lev has made an outstanding contribution to X5 and brought a strong focus on serving customers. During Lev's tenure as CEO the company has grown more than fourfold in size. We wish him great success in his future endeavours," said Defforery.