On the day that Russian's leading grocery retailer X5 Retail Group released a mixed set of results for the second quarter and first half of the year, its chief executive officer Andrei Gusev has announced his resignation.
According to a press release from the company, Stephan DuCharme, a member of the group's supervisory board, will step into the role on a temporary basis with the board set to begin a search for a long-term replacement.
'The Board would like to thank Andrei for having led the transformation of the company into a true multi-format retailer, establishing a strong platform for continued growth and development,' said Herve Defforey, chairman of the board. 'Over the past months the company has recruited a strong team of senior managers across the main functions of the business which enjoys the full support of the Board.'
X5's operational results revealed that second quarter like-for-like sales fell 1.1 per cent, following drops of 3.9 per cent and 2 per cent in the two previous quarters, while half-yearlike-for-like salesdropped 2.5 per cent.
