X5 Supervisory Board proposes renewing CEO Igor Shekhterman's appointment for another two-year periodX5 Retail Group N.V. ("X5" or the "Company"), a leading Russian food retailer that operates the Pyaterochka, Perekrestok, and Karusel retail chains (LSE and MOEX ticker: "FIVE"), announces that its Supervisory Board has proposed to extend the appointment of Igor Shekhterman as CEO and member of the Management Board for a two-year period ending on the day of the annual general meeting of shareholders to be held in 2023. The current contract with the CEO expires in May 2021.
Igor will lead the implementation of X5's strategy to 2023, which was approved by the Supervisory Board in June 2020. Key elements of the strategy include continued Russian food market leadership through presence at all stages of the customer journey, increasing efficiency, continued digital transformation, a flexible operating model that promotes proximity to the customer and a license to operate from society that is based on sustainable development.
Stephan DuCharme, Chairman of X5 Retail Group's Supervisory Board, commented: "The Supervisory Board is very pleased with the results that X5 has achieved in recent years under the leadership of Igor Shekhterman and the senior management team. We are confident that implementation of the strategy to 2023 will mark another stage of successful development for the Company."
X5's strategy to 2023 will be presented at the Company's Capital Markets Day on 27 October 2020.
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.