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CEO leaves X5 group – Russia

The leading retailer X5 Retail Group has announced the departure of its CEO Andrey Gusev. For some time, board member Stephan DuCharme will assume the role of CEO on a temporary basis. Recruitment of a new CEO will begin as soon as possible, however, Mr Gusev will still play an advisory role in the company. The most probable reason for this step were weak financial results in H1 2012.

Specifically, X5 reported that net sales revenues in H1 2012 grew by 7.2% year on year to RUB 240.3bn. In addition, its like-for-like sales dropped by 2.5%. Also, the company increased its trading area within the period in question by 93,000 m², which translated into a total of 296 openings in Russia. In total, at the end of H1 2012 the company operated 3,298 stores.

As Retail Update Russia reported on a previous occasion, this is an another personal change at the highest management level in X5 Retail Group, as in early 2011 Lev Khasis, who worked as the CEO since X5′s foundation in 2006, left the company. Now, Mr Khasis works for US Walmart.

Source: Retail Russia

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