logo
Plus   Neg
Share
Email

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.

For comments and feedback contact: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Kimberly-Clark Corp. (KMB) reported third-quarter adjusted earnings per share of $1.71, an increase of 7 percent compared to net income per share of $1.60, prior year. On average, 16 analysts polled by Thomson Reuters expected the company to report profit per share of $1.64 for the quarter. Analysts'... South Korean IT services company Samsung SDS has joined with Dutch bank ABN AMRO and Port of Rotterdam Authority for a trial project that applies blockchain to shipping and logistics business. Samsung SDS, the IT arm of South Korean Conglomerate Samsung, and ABN AMRO will connect their blockchain platforms Nexledger and Corda, respectively, with the pilot. Dutch consumer electronics giant Philips Electronics NV reported Monday lower net profit in its third quarter mainly due to the deconsolidation of Lighting. Profit from continuing operations climbed with improved margin and sales. Order intake also increased. Looking ahead, the company reiterated targets for the 2017-2020 period of 4-6 percent comparable sales growth.