Russian retailer X5 Retail Group has launched its search for its new chief financial officer to replace its outgoing incumbent, Elena Milinova.
Milinova, who has worked as the CFO in X5 for more than 15 years, informed the group of her intention to depart to pursue new ventures. She will stay with the company until a replacement is found, to facilitate a smooth transition.
In a statement released by X5, chief executive Igor Shekhterman said: “Elena has made an important contribution to the Company’s transformation over the last two years.
"During her time here, X5 has significantly improved the investment decision-making process, which is key to supporting strong organic growth rates; new budgeting and electronic document systems were launched; a new project to improve the commercial controlling function was initiated; and our borrowing rates and credit ratings have improved.
"I am confident that our combined efforts will ensure an orderly transition process for X5’s financial management function.”
Milinova added: “After more than 15 years working as a finance director, including on X5’s ambitious and successful strategic turnaround, I now want to pursue new ventures and focus on overseeing new business projects.”
© 2016 European Supermarket Magazine – your source for the latest retail news. Article by John Golden. To subscribe to ESM: The European Supermarket Magazine, click here.
