Press-Release | Krasnodar | August 12, 2020
Magnit Announces Changes in the Commercial Block
Krasnodar, Russia (August 12, 2020): Magnit PJSC (MOEX and LSE: MGNT; the Company), one of Russia's leading retailers, announces staff changes: Vladimir Sorokin, who previously held the office of Deputy Chief Executive Officer - Commercial Director, made a decision to resign on August 28,2020.
Vladimir Sorokin joined the Company in January 2019. He was in charge of development of the Company's commercial capabilities, assortment policy, category management, pricing, cooperation with suppliers, and private labels.
After Mr. Sorokin's resignation, the Company's commercial department will be restructured, including launch of a dedicated commercial procurement unit. The aim of restructuring is to further strengthen category management, pricing, promo planning and private labels to ensure customer offering and margin improvement going forward. Jan Dunning will lead the critical initiatives in the reorganization process and takes an acting role of Commercial Director. The heads of the key blocks of the commercial department will report directly to CEO.
Jan Dunning, President and CEO of Magnit, commented:
"We're grateful to Vladimir Sorokin for his work on improvement of the commercial offering we present to our customers. His expertise and experience helped us optimize the assortment of Magnit stores and build a modern framework for category management at the Company. We wish Vladimir further success in new projects.
We've managed to assemble a very strong team of category managers at our Company, and they will continue to further expand and improve Magnit's commercial activities, now with a broader set of functions and greater accountability."
On August 11, 2020, the Board of Directors made a decision to exclude Vladimir Sorokin from the Management Board effective from August 29,2020. Since August 29, 2020 PJSC Magnit Management Board will consist of eight 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/# -Disclosure (in English).
For further information, please contact:
Director for Investor Relations
Office: +7 (861) 210-48-80
Director for Investor Relations
Office: +7 (861) 210-9810 x 15101
Media Relations Department
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 June 30, 2020, Magnit operated 38 distribution centres and 20,894 stores (14,581 convenience, 472 supermarkets and 5,841 drogerie stores) in 3,710 cities and towns throughout 7 federal regions of the Russian Federation.
In accordance with the unaudited IFRS 16 management accounts results for 1H 2020, Magnit had revenues of RUB 763.4 billion and an EBITDA of RUB 86.9 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.