Magnit Announces Changes in the Operations Structure

 

Krasnodar, Russia (28 May, 2019): Magnit PJSC (MOEX and LSE: MGNT), one of Russia's leading retailers, announces changes in the operations structure.

As part of Magnit's transformation, including the establishment of multi-format regions, launched last year, the company has decided to divide the retail operations block into two business units - the Retail Chain and the Real Estate and Non-core Procurement.

The retail chain director will be responsible for the retail management system and operations across all Magnit formats.

Ruslan Ismailov has been appointed Director of Retail Change Management, effective from May 27, 2019. Mr. Ismailov brings with him over 15 years of experience in managing consumer companies having held similar positions in Metro Cash&Carry, Mosmart and Lenta.

Responsibilities of the real estate and non-core procurement director include the construction and roll-out of new stores, their maintenance and development.

The appointment of the Director for Real Estate and Non-core Procurement will be announced in due course.

Artem Smolensky, the Chief Operating Officer, has stepped down with immediate effect for personal reasons.

Olga Naumova, Magnit CEO, commented:

"Magnit continues its gradual transformation. Recently all communication functions - departments of corporate relations and sustainability, corporate culture and brand, as well as investor relations - have been united in the Directorate for Strategic Communications led by Jyrki Talvitie. Today we have announced split of our operations block into two business units to improve efficiency of core business processes in execution of the company's strategy.

We thank Artem for his strong contribution to devising and implementing Magnit's turnaround strategy and wish him all the best in the future.

We are delighted to welcome Ruslan Ismailov to our team and I am confident that his heavy-weight operational experience and his deep industry knowledge will support Magnit in delivering on its ambitious objectives".

 

 

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

Media Relations Department

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, 2019, Magnit operated 38 distribution centres and 19,223 stores (13,909 convenience, 467 supermarkets and 4,847 drogerie stores) in 3,077 cities and towns throughout 7 federal regions of the Russian Federation.

 

In accordance with the audited IFRS results for 2018, Magnit had revenues of RUB 1,237 billion and an EBITDA of RUB 90 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.