X5 Retail Group, Russia’s second-largest retailer, said that Stephan DuCharme is resigning as chief executive officer after a business turnaround.
DuCharme decided to step down and will become chairman, X5 Retail said in a recent statement. The retailer picked Igor Shekhterman, a board member, to become its new CEO, and shareholders will vote on the appointment in November.
“I won’t overplay this resignation,” said David Ferguson, analyst at Renaissance Capital in Moscow. “What’s important is the management team, while the CEO role is more supervisory in X5.”
Since becoming CEO in 2012, DuCharme pulled together a management team that improved the company’s performance and accelerated growth. The company’s main-format Pyaterochka helped X5 outperform its larger rival, PJSC Magnit, last quarter, after refurbishing stores and improving its assortment.
Shekhterman is a board member who helped hire X5 executives.
News by Bloomberg, edited by ESM. To subscribe to ESM: The European Supermarket Magazine, click here.
