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X5 Retail Group CEO Stephan DuCharme To Step Down - Quick Facts

Russian food retailer X5 Retail Group N.V. (FIVE.L) announced that Stephan DuCharme has decided to step down as CEO after having successfully completed X5's turnaround. He will return to the Company's Supervisory Board as its Chairman, subject to his nomination as a Board member being approved by the Company's shareholders at an extraordinary general meeting to take place in November this year.

The Board has also nominated Igor Shekhterman, currently member of the Board, to succeed Stephan as CEO of the Company. He has been a member of the Board and Chairman of its nomination and remuneration committee since 2013.

Meanwhile, DuCharme has over the last three years led the implementation of X5's new operating model, the renewal of its three retail formats based on refreshed value propositions, the accelerated ramp-up of new trading space delivery and the formation of a strong senior management team.

DuCharme previously served on the Board from 2008-2012. The Board is confident that Stephan's appointment as Chairman offers shareholders and other stakeholders the greatest continuity.

DuCharme and Shekhterman are working hand-in-hand over a three-month transition period to ensure a smooth and seamless transition, continuity of X5's operating model and culture.

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