Russian Oligarch Walks Away From His $8 Billion Retail Empire
In 1998, Sergey Galitskiy opened a small grocery in his hometown of Krasnodar, 800 miles south of Moscow.
Over the next two decades he expanded that modest operation into an empire with almost $20 billion in sales and 16,000 stores across Russia, amassing a fortune valued at some $5 billion in the process. On Friday, he walked away.
Galitskiy will quit as chief executive officer of Magnit after selling 138 billion rubles ($2.5 billion) of shares - 29% of the company - to the state-controlled VTB Group, Magnit said in a regulatory filing.
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