X5 Retail Group, Russia’s largest retailer by sales, has decided to postpone plans for a secondary share offering.

Lev Khasis, the company’s CEO, said there was “no compelling reason” for the retailer to embark on the share sale, which was set to raise US$1bn.

Khasis said: “The strong dynamics in EBITDA and net income growth gives additional confidence in the group’s ability to fund organic growth and potential M&As without resorting to a secondary offering in a near term future.”

X5 also named the second independent director on the company’s board. Retail veteran Carlos Criado-Perez has joined the X5 board.

Criado-Perez is executive president of Spanish retail chain Dinosol Supermercados and has previously been CEO of UK supermarket chain Safeway before it was bought by Morrisons. Criado-Perez was also chief operating officer of Wal-Mart International from 1998 to 1999.