Russia's X5 Retail Group Announces New CFO
The X5 Retail Group has announced that Svetlana Demyashkevich will step down from her role as the company's chief financial officer on 17 May 2021.
Vsevolod Starukhin will take over as the new finance chief of X5, while Svetlana Demyashkevich will take on new projects for Alfa Group, including the responsibility to oversee the launch of a new venture between X5 and Alfa-Bank to offer retail financial services.
'Strong Financial Team'
Speaking on the move, Demyashkevich, said, "In the four years that I have been with the company, its revenue almost doubled and returns grew thanks to systemic changes introduced to improve business efficiency. I have gained tremendous experience working in the management team of a public company and consider myself fortunate to have assembled such a strong financial team, as well as to have worked with dynamic and involved colleagues from other X5 divisions.
"I am grateful to Igor [Shekhterman] and to all the members of X5's Supervisory Board for granting me this opportunity and now ready to move on to the new stage of my development – working on breakthrough projects with X5 and Alfa Group – with great expectations."
The company added that the group's quarterly call, scheduled on 27 April 2021, on which the management team will discuss its first quarter 2021 results, will be held with Svetlana as CFO.
On the same call, the retailer will introduce Vsevolod Starukhin to the investment community as her successor.
'Efficient Finance Functions'
Igor Shekhterman, CEO of X5 Retail Group, commented, "Over the course of the past four years, under Svetlana [Demyashkevich]'s leadership, X5 has built one of the most successful, efficient and digitalised finance functions. Demyashkevich personally has contributed significantly to transforming X5 and strengthening the company's sectoral leadership – her experience and knowledge will be valuable in launching X5's new financial services."
"Vsevolod Starukhin has deep experience across a range of industries spanning financial management in the Russian and international FMCG sector, operations management, and the management of companies' functional and digital transformations as CEO," Shekhterman added.
"The diversity of Vsevolod's experience, combined with his professional and personal competencies, will ensure that X5's strategy is implemented successfully. He is now faced with the task of ensuring the effective financing of new businesses, while continuing X5's work to improve the efficiency of traditional formats in the interests of shareholders."
X5 Retail Group operates several retail formats, including proximity stores under the Pyaterochka brand, supermarkets under the Perekrestok banner, and Karusel hypermarkets.
It also runs the Perekrestok.ru online market, the 5Post parcel, and Dostavka.Pyaterochka and Perekrestok.Bystro food delivery services.
The group is listed on the London and Moscow Stock Exchanges.