MAGNIT PJSC: PJSC Magnit Announces the Key Decisions of the Board

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MAGNIT PJSC (MGNT) 
MAGNIT PJSC: PJSC 'Magnit' Announces the Key Decisions of the Board 
 
12-Dec-2018 / 17:41 MSK 
Dissemination of a Regulatory Announcement, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
Press Release | Krasnodar | December 12, 2018 
 
PJSC "Magnit" Announces the Key Decisions of the Board 
****************************************************** 
 
Krasnodar, Russia (December 12, 2018): Magnit PJSC (MOEX and LSE: MGNT; 
Company, Group), one of Russia's leading retailers, announces the key 
decisions of the Board of Directors taken on the meeting held on December 
11, 2018. 
 
The Board has considered and approved two additional members of the 
Management Board of PJSC "Magnit" increasing the Management Board from 6 to 
8 members, starting on January 15, 2019 to enhance the executive team. 
 
The Board has approved Vladimir Sorokin and Jyrki Talvitie for election to 
the Management Board. 
 
Vladimir Sorokin will fill the currently vacant post of Deputy Chief 
Executive Officer, Commercial Director of the Company, and will be 
responsible for the development of Magnit's commercial unit, assortment 
policy, category management, pricing and marketing. Vladimir Sorokin will 
take the office on January 15, 2019 following the expiration of his 
obligations to his previous employer, X5 Retail Group. 
 
"We are now working hard to enhance the value proposition. It is impossible 
to achieve this goal without a strong leader in the commercial unit 
management. Vladimir Sorokin is a top class manager, he has the deepest 
expertise and the unique experience of building cooperation with suppliers 
and transformation of the category management", commented Olga Naumova, 
Chief Executive Officer of PJSC "Magnit". 
 
 In his position as the Director of strategic communications, Jyrki Talvitie 
             will be responsible for developing and implementing a strategic 
communications policy, creating and implementing a communications plan aimed 
  at key target audiences and deepening our engagement with stakeholders, as 
well as putting in place a set of tools for strategic analysis and forecast. 
                    Jyrki Talvitie will take the office on February 1, 2019. 
 
"We are pleased to welcome Jyrki Talvitie as a member of the Management 
Board of PJSC "Magnit". We are confident that his substantial experience and 
professionalism will help us to be more efficient in communications and will 
have a positive impact on Magnit's perception by key target audiences", 
commented Paul Foley, Deputy Chairman of the Board of directors of PJSC 
"Magnit". 
 
      The Board has also approved short-term incentive (STI) program for the 
     company's CEO and Management Board members for 2019. Net Promoter Score 
  (NPS) and Net Income were added to the list of corporate-level KPIs, which 
                      previously included Revenue, Like-for-Like and EBITDA. 
 
Please follow the link below to read full text of the Board decisions: 
 
? http://www.e-disclosure.ru/portal/files.aspx?id=7671&type=10 (in Russian 
language); 
 
? http://ir.magnit.com/ru/press-relizyi/sushchestvennye-fakty_2018/ (in 
Russian language); 
 
? http://ir.magnit.com/en/press-releases/reg-filings_2018/ (in English). 
 
                                                            Note to Editors: 
 
    Vladimir Sorokin graduated from the Saint-Petersburg Institute of Soviet 
 Trade, specializing in engineering and technology, and the Higher School of 
   Economics with a degree in "Capital Market and Investments". From 1994 to 
    2000 Mr. Sorokin worked in the "Gillette" company, having passed the way 
 from the sales manager to the Sales Director of the European part of Russia 
    and Belarus. In 2000-2003 he continued working in the FMCG sector as the 
   Sales Director of Sun Interbrew. From 2003 to 2011 he headed the business 
    unit of the SK "AlfaStrakhovanie", he was the CEO of "AlfaStrakhovanie - 
    Life". In 2010-2012 Mr. Sorokin worked as the CEO of OJSC "Masshtab". In 
2013 he joined X5 Retail Group as the Deputy Commercial Director. In June of 
     the same year he became the Category Management Director of Pyaterochka 
  Retail Chain. From September 2014 to June 2018 he was the Head of CJSC "TD 
                                                              "Perekrestok". 
 
    Jyrki Talvitie graduated from the University of Helsinki, the Faculty of 
Law, and holds a Master of Law degree. He also holds an Executive MBA degree 
from the London Business School as well as Diploma in Company Direction from 
     the London Institute of Directors. Jyrki received a PhD in Law. He held 
managerial positions in some of the largest Western banks: Bank of New York, 
       Nordea Bank and BNP Paribas. Over the past 20 years he focused on the 
 Russian and ex CIS markets. From 2003 to 2005 Jyrki was responsible for the 
  International Business of Uralsib Financial Corporation. During the period 
        of 2005-2010 he headed the Russian office of East Capital investment 
   company. From 2010 to 2014 he held a position of senior vice president at 
      VTB Bank and was responsible for investor relations. In 2014-2016, Mr. 
 Talvitie was responsible for strategic communications at the Russian Direct 
       Investment Fund. In 2016-2018, he continued working in relations with 
  strategic partners and investors area in Sberbank as Vice president. Since 
     2018, he has been a member of the Supervisory Board of Georgia Capital. 
 
For further information, please contact: 
 
Petr Molchanov Alisa Kvadzba Media Inquiries 
 
Chief Investment Officer IR manager Media Relations Department 
 
Email: [e-mail] Email: [e-mail] Email: 
[e-mail] 
 
Office: [phone] x 45000 Office: [phone] x 17601 
 
Note to editors: 
 
Public Joint Stock Company "Magnit" is one of Russia's leading retailers. 
Founded in 1994, the company is headquartered in the southern Russian city 
of Krasnodar. As of June 30, 2018, Magnit operated 37 distribution centers 
and 16,960 stores (12,503 convenience, 244 hypermarkets, 213 supermarkets 
and 4,000 drogerie stores) in 2,808 cities and towns throughout 7 federal 
regions of the Russian Federation. 
 
  In accordance with the reviewed IFRS consolidated financial statements for 
     1H 2018, Magnit had revenues of RUB 595 billion and an EBITDA of RUB 44 
     billion. Magnit's local shares are traded on the Moscow Exchange (MOEX: 
    MGNT) and its GDRs on the London Stock Exchange (LSE: MGNT) and it has a 
                                 credit rating from Standard & Poor's of BB. 
 
ISIN:           US55953Q2021 
Category Code:  MSCU 
TIDM:           MGNT 
LEI Code:       2534009KKPTVL99W2Y12 
OAM Categories: 3.1. Additional regulated information required to be 
                disclosed under the laws of a Member State 
Sequence No.:   6866 
EQS News ID:    757261 
 
End of Announcement EQS News Service 
 
 

(END) Dow Jones Newswires

December 12, 2018 09:41 ET (14:41 GMT)