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.
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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.
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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.
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