Press-Release | Krasnodar | July 15, 2020

 

Magnit Announces Changes in the Financial Block

Krasnodar, July 15, 2020: Magnit PJSC (MOEX and LSE: MGNT; the Company), one of Russia's leading retailer, announces changes in the financial block. Elena Milinova who held the position of the Chief Financial Officer made a decision to leave the Company. From July 15, 2020, Dmitry Ivanov is appointed acting Chief Financial Officer of JSC Tander.

Dmitry Ivanov has 20 years of experience in corporate finances in retail sector. He joined Magnit in October 2019 as the Controlling Director. Prior to that, Dmitry had different leading positions in corporate finance and controlling in Lenta for 10 years and held similar position in Laverna for 9 years.

Elena Milinova joined the Company in April 2018: she was responsible for a set of issues related to the retail chain's financial activity, development and launch of Magnit's new financial strategy, and was in charge of the development of the Shared Service Center and a centralization process of a number of the core business functions.

Jan Dunning, President and CEO of Magnit, commented:

"We'd like to thank Elena Milinova for her substantial contribution to the Company's development during the period of its business transformation. We sincerely appreciate the work Elena has done and wish her success in new projects."

 

On July 14, 2020 Board of Directors of PJSC Magnit made a decision to exclude Elena Milinova from the Management Board. From July 15, 2020 PJSC Magnit Management Board consists of 9 members.

Please follow the links below to read full text of the Board decisions:

 

http://www.e-disclosure.ru/portal/company.aspx?id=7671 (in Russian language);

https://www.magnit.com/ru/disclosure/regulatory-news/ (in Russian language);

https://www.magnit.com/en/disclosure/regulatory-news/#tabs-Disclosure (in English).

 

 

 

 

For further information, please contact:

 

Dmitry Kovalenko

Director for Investor Relations

Email: dmitry_kovalenko@magnit.ru

Office: +7 (861) 210-48-80

 

Dina Chistyak

Director for Investor Relations

Email: dina_chistyak@magnit.ru

Office: +7 (861) 210-9810 x 15101

 

Media Inquiries

Email: press@magnit.ru

 

 

 

Note to editors:
 

Public Joint Stock Company "Magnit" is one of Russia's leading retailers. Founded in 1994, the company is headquartered in the southern Russian city of Krasnodar. As of March 31, 2020, Magnit operated 38 distribution centres and 20,860 stores (14,594 convenience, 472 supermarkets and 5,794 drogerie stores) in 3,718 cities and towns throughout 7 federal regions of the Russian Federation.

In accordance with the audited IFRS results for FY 2019, Magnit had revenues of RUB 1,369 billion and an EBITDA of RUB 147 billion. Magnit's local shares are traded on the Moscow Exchange (MOEX: MGNT) and its GDRs on the London Stock Exchange (LSE: MGNT) and it has a credit rating from Standard & Poor's of BB.