The X5 retail group has announced changes to its management, including the appointment of a new CEO, as well as revealing its results for the full-year of 2012.
Interim chief executive Stephen DuCharme has been nominated by the group to take the position permanently, X5 said, a move that is subject to X5 shareholder approval at the AGM to be held in April.
There are further changes at the top, the company noted, with chief financial officer Kieran Balfe replaced by Sergey Piven.
X5 said that, for 2012, revenue increased year-on-year by 8.3 per cent to R490.9bn (€12.2bn), down on the 32 per cent jump in revenue the group registered for 2011.
The slowdown came despite the addition of 800 new outlets in Russia throughout the year.
