CEO Of Russian Food Retailer Magnit Quits In Row Over Strategy
The chief executive of Russia's second-largest food retailer Magnit, Olga Naumova, has decided to leave the company just after a year in the role due to disagreements over the company's strategy, Magnit said on Wednesday.
The company, ranked second in Russia to X5 Retail Group, also said that Jan Dunning, the president of Magnit, will assume the role of the CEO.
Magnit has not disclosed details about the discord over the strategy.
Naumova, who previously served as the head of X5's flagship Pyaterochka chain, joined Magnit just over a year ago.
Naumova was praised by analysts for helping X5 regain its leadership of the market. But Magnit still struggles to compete with X5.
In April of this year, the company suddenly dropped a $1.8 billion (€1.6 billion) bid for smaller competitor Lenta.
Shares in Magnit were up 1.48% in early trade in Moscow, outperforming the broader market index.