8 June 2016

X5 Retail Group launches search for new CFO

X5 Retail Group N.V. (‘X5’ or the ‘Company’), a leading Russian food retailer (LSE ticker: “FIVE”), announces that it has begun a search for a new Chief Financial Officer, after the current CFO Elena Milinova informed the Company of her intention to leave her job in order to pursue new ventures. Elena will stay with the Company until the appointment of a new CFO, and will facilitate a smooth transition to her successor.

X5 Retail Group CEO Igor Shekhterman said: “Elena has made an important contribution to the Company’s transformation over the last two years. During her time here, X5 has significantly improved the investment decision-making process, which is key to supporting strong organic growth rates; new budgeting and electronic document systems were launched; a new project to improve the commercial controlling function was initiated; and our borrowing rates and credit ratings have improved. I am confident that our combined efforts will ensure an orderly transition process for X5’s financial management function.”

X5 Retail Group’s outgoing CFO Elena Milinova said: “After more than 15 years working as a finance director, including on X5’s ambitious and successful strategic turnaround, I now want to pursue new ventures and focus on overseeing new business projects.”

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