Russian retailer Seventh Continent has appointed Stepan Kovalchuk as its new CEO. The appointment was made at the company's AGM where former CEO Galina Iliyashenko was also made chairman of the board of directors.

During the AGM, shareholders confirmed the board of directors would consist of: Alexander Zanadvorov, Vladimir Karnaukhov, Galina Iliyashenko, Mikhail Naidishev, Nataliya Slepenkova.  Two new members also joined the board: Boris Morozov - CEO of CJSC "7K invest-holding" and Igor Soglaev - managing director of investment company "Ust-Capital".

"The decisions of shareholders completely correspond with the main strategic priorities of the company: strengthening of the current position, multiformat regional expansion, real estate project development, increasing share of the owned spaces, further profitability and operational efficiency improvement," a statement said.

Kovalchuk had joined the chain as deputy CEO in March.