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Defforey to Work as Guarantor
X5 Retail Group (former Pyaterochka Holding) that unites Pyaterochka and Perekrestok chains has announced the intention to elect Herve Defforey to chair the Supervisory Board of the company. X5 needs Defforey’s experience to promote hypermarkets, the analysts speculate.
The son of founder of French Carrefour hypermarkets, Herve Defforey will be elected to chair the X5 Supervisory Board at November 5 meeting. He will succeed David Noble in the office and get the annual remuneration of ˆ120,000. Noble will focus on his own projects, representatives of X5 explained.
“As the market leader, we must have the most qualified managers. Herve Defforey is the star of retail. He has experience in different retail formats, contacts in financial circles,” explained X5 CEO Lev Khasis. “We want to make X5 a champion of retail that will consolidate the scattered retail of Russia and be able to compete with western chains here with dignity.”
Today’s intention of X5 is to focus on developing new formats of retail “We will be paying attention to advancing the format of big hypermarket. We have an option for buying out Karusel chain in 2008. But we have already set to promoting our own chain of hypermarkets with the floor space of 7,000 sq meters to 12,000 sq meters,” Khasis said.
X5 Retail Group ($4.85 billion capitalization as of yesterday) controls 420 Pyaterochka discount stores and 141 Perekrestok supermarkets. H1’06 consolidated net revenues reached $1.581 billion.
“For investors and holders, chief of the Supervisory Board acts as a guarantor that the actions of operating management and development strategy have been aligned. Mr Defforey is well-known on retail market and could become such guarantor for X5,” said Viktoria Mikhailova, general director at MR&D Consulting.
www.kommersant.com
All the Article in Russian as of Oct. 19, 2006
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