X5 Retail Regulatory News (FIVE)

26 Nov 2007 07:32

X5 Retail Group N.V.26 November 2007 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN, INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN EVGENY KORNILOV to BECOME X5 GROUP CFO Amsterdam, 26 November 2007 - X5 Retail Group N.V., Russia's largest foodretailer in terms of sales (LSE ticker: "FIVE"), announced today that EvgenyKornilov, who is currently Deputy CFO of the Group and Head of FinancialPlanning and Reporting, will become X5 Group CFO starting from January 1, 2008,following Supervisory Board approval in December this year. Vitaliy Podolskiywill retire from his post as the Group CFO effective as of January 1, 2008.Vitaliy will stay with the Group as a Member of the Management Board and ChiefAdvisor to the CEO. "I would like to welcome Evgeny Kornilov in his new role. I have worked closelywith Evgeny since he was appointed CFO of our Perekrestok chain in 2006. Evgenynot only is a very talented manager, he also has a deep understanding of ourbusiness and unique financial expertise that he has gained during hisprofessional life. I am sure he is a rising star in the retail universe", LevKhasis, X5 Retail Group CEO, said. He added: "I would also like to thankVitaliy for all his work as CFO of Perekrestok and X5 Group since 2002 and inparticular his contribution to the successful merger and integration ofPerekrestok and Pyaterochka". Herve Defforey, Chairman of the Supervisory Board, commented: "The Company isfacing challenging opportunities, both in terms of growth and on-goingefficiency improvement. Evgeny Kornilov is well prepared to address thesechallenges and will provide all the necessary support and expertise for X5'sfurther successful development". Evgeny Kornilov added: "This is very exciting time to take on this role, as X5Group continues its rapid expansion and prepares for major new investments inthe future. I will focus on implementing state-of-the-art financial managementsystems and ensuring that the Group's financial strategy meets its aggressivegrowth objectives. Thanks to Vitaliy I have good starting base and strong teamto support me". "My last five years as the CFO of Perekrestok and then X5 Retail Group have beenthe most exciting time and interesting challenge in my life and I look forwardto working with Lev Khasis as his strategic advisor. I am pleased to pass my "steering wheel" to Evgeny, being confident that he is ready for this role",Vitaliy Podolskiy said. *** Evgeny Kornilov was appointed Deputy CFO of X5 in 2007, a year after he joinedthe Group in August 2006 as CFO of Perekrestok. As Deputy CFO of the Group, hisresponsibilities have included Financial Planning and Reporting. Evgeny was bornin 1969 in Kazan. He graduated from the Moscow Foreign Affairs University with adegree in Economics, International Trade and Foreign Languages. Prior tojoining X5, Evgeny worked as CFO of SUN Interbrew in Russia. In 1992-1999 heworked in Management Consultancy and Audit Services of PriceWaterhouseCoopers,Russia. Vitaliy Podolskiy has held the position of the Chief Financial Officer of X5Retail Group since May 2006. Prior to this he was the Chief Financial Officer ofPerekrestok. He is a graduate of the Moscow State University Department ofJournalism and has an MBA of the University of Chicago Graduate School ofBusiness. Previously, Vitaliy has worked for Ford Motor Company (Europe), A.T.Kearney Inc (USA) and for Bankers Trust International Plc (UK). *** Note to Editors: X5 Retail Group N.V. is Russia's largest food retailer in terms of sales. As of30 September 2007, the Group had 573 company-managed soft discount storeslocated in Moscow (256), St. Petersburg (234) and other Russian areas (83), 163company managed supermarkets across Central Russia and Ukraine, including 101stores in Moscow (Moscow region and Yaroslavl region), and 13 company managedhypermarkets. As of 30 September 2007, X5's franchisees operated 627 stores across Russia andKazakhstan. Pyaterochka and Perekrestok have merged their operations as of 18 May 2006 tocreate the clear leader in the Russian food retail market. Forward looking statements: This announcement includes statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements can be identifiedby the fact that they do not only relate to historical or current events.Forward-looking statements often use words such as" anticipate", "target", "expect", "estimate", "intend", "expected", "plan", "goal" believe", or otherwords of similar meaning. By their nature, forward-looking statements involve risk and uncertainty becausethey relate to future events and circumstances, a number of which are beyond X5Retail Group N.V.'s control. As a result, actual future results may differmaterially from the plans, goals and expectations set out in theseforward-looking statements. Any forward-looking statements made by or on behalf of X5 Retail Group N.V.speak only as at the date of this announcement. Save as required by anyapplicable laws or regulations, X5 Retail Group N.V. undertakes no obligationpublicly to release the results of any revisions to any forward-lookingstatements in this document that may occur due to any change in its expectationsor to reflect events or circumstances after the date of this document. For further details please contact Alexandra Galimova Anna KarevaHead of PR Department IR DirectorTel.: +7 (495) 950-55-77 Tel.: +7 (495) 980-2729, ext. 22162e-mail: alexandra.galimova@x5.ru e-mail: anna.kareva@x5.ru This information is provided by RNS The company news service from the London Stock Exchange