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X5 announces Supervisory Board change

June 04, 2020. TAG: Retail Trade

X5 Retail Group N.V. ("X5" or the "Company"), a leading Russian food retailer that operates the Pyaterochka, Perekrestok and Karusel chains (LSE and MOEX ticker: "FIVE"), announces that Alexander Torbakhov informed the Supervisory Board that he will step down as member of the Supervisory Board in view of his recent appointment as Chief Executive Officer of Beeline Russia. In order to ensure a smooth handover of responsibilities, it was agreed that Alexander will step down following the next meeting of the Supervisory Board on 3 July 2020. Meanwhile, the Board is in the process of searching a suitable candidate to fill the vacancy.

Stephan DuCharme, Chairman of the X5 Retail Group Supervisory Board, commented: "I would like to thank Alexander for his contribution to the important process of digitalisation and expansion of our online businesses at X5 Retail Group. Thanks to the forward-thinking investments that X5 has made into its IT infrastructure, digital business, innovations and data teams, the Company has been successful at responding to the shifting landscape during the COVID-19 pandemic. We believe that the trend towards significantly greater use of online services in food retail are sustainable, and X5 is at the front of the curve in bringing online food retail services to its customers."

X5 Retail Group

X5 Retail Group is the leading multi-format food retailer in Russia. X5 shares are listed on the London Stock Echange (LSE) and Moscow Exchange in the form of Global Depositary Receipts under the ticker "FIVE". The Company operates several retail formats, including the chain of conveniently located proximity stores under the Pyaterochka brand, the supermarket chain under the Perekrestok brand, the hypermarket chain under the Karusel brand.