MAGNIT
MAGNIT PJSC (MGNT) Press Release | Krasnodar | January 17, 2019 PJSC "Magnit" Enhances Senior Management StructureKrasnodar, Russia (17 January, 2019): Magnit PJSC (MOEX and LSE: MGNT; Company, Group), one of Russia's leading retailers, is pleased to announce the approval by the Board of Directors the appointment of Jan Dunning as its President and Member of the Management Board. Charles E. Ryan, Chairman of the Magnit Board of Directors, commented: "We are pleased to announce that we have now completed the transitionperiod during which we brought in additional resources to the seniormanagement team. Olga Naumova and her new team have done an incredible job improving operationalperformance in a short period, and we are thankful to Paul Foley forhis strategic support and guidance to the new management team during the transition period afterthe dramatic leadership changes earlier in 2018. Olga will continue her current role as CEO (General Director), and Paul will continue his active role as anindependent member of the Board of Directors.We are delighted to welcome Jan to the team as Magnit's President, with a plan for him to also assume the roleof Deputy Chairman of the Board of Directors in the next cycle. Jan's successful track record in the retail sectorspeaks foritself. We believe that the combination of Jan and Olga's experience as a team will continue drivingour ambitious transformation program." Olga Naumova, CEO of Magnit, commented: "I welcome the appointment ofJan and look forward to working with him to continue building Magnitas the leading retailer in Russia. His knowledge and unparalleledexperience in Russian retail will truly benefit Magnit." The newly created role of President is a full time position.The future reporting structure of the Management Board remains as it is, with the management team reporting toChairman of the Management Boardand the CEO reporting to the President and the Board of Directors. Mr. Dunning has a History degree from the University of Groningen andan Economics degree from the University of Amsterdam. He also attendedmanagement development programmes at INSEAD and London BusinessSchool. Over the last 25 years, Mr. Dunning has worked in a broad range ofretail functions including leadership roles in operations,development, sales, marketing, purchasing and finance. Mr. Dunningmost recently served as CEO of Lenta Ltd. from 2009 until hisresignation in December 2018. Prior to joining Lenta, Mr. Dunning wasOperations Director of Metro Cash & Carry Russia and then GeneralManager of Metro Cash & Carry Ukraine. His previous experienceincludes three years as General Manager of the Lukas Klamer wholesalebusiness, a subsidiary of the Metro Group, and over ten years with Aldi.
For further information, please contact:
Yulia Ulyanova Media Inquiries Head of PR Media Relations Department Email: ulyanova_yv@magnit.ru Email: press@magnit.ru Office: +7-861-277-4554 x 40019
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, 2018, Magnit operated 37 distribution centers and 16,960 stores (12,503 convenience, 244 hypermarkets, 213 supermarkets and 4,000 drogerie stores) in 2,808 cities and towns throughout 7 federal regions of the Russian Federation. In accordance with the reviewed IFRS consolidated financial statements for 1H 2018, Magnit had revenues of RUB 595billion and an EBITDA of RUB 44 billion. Magnit's local shares are traded on the Moscow Exchange (MOEX: MGNT) andits GDRs on the London Stock Exchange (LSE: MGNT) and it has a credit rating from Standard & Poor's ofBB.
|
| ISIN: | US55953Q2021 |
| Category Code: | MSCU |
| TIDM: | MGNT |
| LEI Code: | 2534009KKPTVL99W2Y12 |
| OAM Categories: | 3.1. Additional regulated information required to be disclosed under the laws of a Member State |
| Sequence No.: | 7185 |
| EQS News ID: | 766957 |
| End of Announcement | EQS News Service |
