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CEO Of Russia's Magnit Offloads Company Stake, Announces Departure Plans

Published on Feb 16 2018 9:14 AM in Retail tagged: Featured Post / Russia / Magnit / Paywall / VTB Bank

CEO Of Russia's Magnit Offloads Company Stake, Announces Departure Plans

The chief executive of Russian retailer Magnit, Sergey Galitskiy, has sold 29.1% of his shares in the company to a subsidiary of VTB Bank, one of Russia's largest financial services providers.

Following the sale, Galitskiy's share in Magnit has fallen to 3%.

The deal was valued at RUB 138 billion (€1.95 bullion), and the total number of shares involved in the transaction is 29,656,200.

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