Management Board

The Management Board currently consists of three members, the Chief Executive Officer, Chief Financial Officer and the Company Secretary.

Andrei Gusev, a Russian citizen, joined X5 in 2006 as M&A and Business Development Director and was appointed to the Management Board as Chief Executive Officer on 20 June 2011. Prior to joining X5 Mr. Gusev worked in Alfa Group as Director for Investment Planning and Director for Group Portfolio Management and Control since 2001. Mr. Gusev was leading the merger process that led to the creation of X5 Retail Group. Prior to joining Alfa Group, Mr. Gusev worked many years in strategic consulting at Bain & Company and at Deloitte & Touche. Mr. Gusev graduated with honors from the Moscow State University, and holds an MBA degree from the Wharton School of Business at the University of Pennsylvania.

Kieran Balfe, an Irish citizen, was appointed Chief Financial Officer of X5 on 22 February 2011. Mr. Balfe has been working in Russia since 1994. Prior to his appointment at X5 Mr. Balfe was Deputy General Manager and CFO for Emerging Markets of the confectionary leader Wrigley. Following the acquisition of Wrigley by Mars Inc., Mr. Balfe played a key role in the integration of the two companies' Russian operations.

Previously, Mr. Balfe was Financial Controller at Japan Tobacco International, Deputy General Manager and Finance Director at American Home Products Corporation responsible for both operational and corporate finance for Russia and the CIS countries, and Finance Director for Glencore’s copper operations in Kazakhstan. Mr. Balfe started his career as an Audit Supervisor and Audit Manager for Coopers & Lybrand, with whom he initially relocated to Moscow in 1994. Mr. Balfe graduated from the University College Dublin with a Master’s degree in accountancy. He qualified as a Chartered Accountant in 1993 and was awarded a fellowship in the Institute of Chartered Accountants in Ireland in 2005.

Frank Lhoëst, a Dutch citizen, was appointed as statutory director and Company Secretary of X5 on 5 November 2007, and re-appointed for another four-year term on 20 June 2011. Prior to joining X5, Mr. Lhoëst has held several positions at Intertrust Group, from account manager in the Netherlands Antilles to founder and director of the Intertrust office in Vienna, Austria. In 2002, Mr. Lhoëst established the Intellectual Property Group of Intertrust in the Netherlands. Mr. Lhoëst graduated from the Leiden University with a degree in Law.