MAGNIT PJSC: Magnit Announces Change in Senior Management

MAGNIT PJSC (MGNT) 
MAGNIT PJSC: Magnit Announces Change in Senior Management 
 
26-Jun-2019 / 10:00 MSK 
Dissemination of a Regulatory Announcement that contains inside information 
according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
Press Release | Krasnodar | June 26, 2019 
 
Magnit Announces Change in Senior Management 
******************************************** 
 
         Krasnodar, Russia (June 26, 2019): Magnit PJSC (MOEX and LSE: MGNT; 
   Company), one of Russia's leading retailers, announces a change in senior 
  management of the Company. Jan Dunning, the President of Magnit, will also 
                assume the role of the Chief Executive Officer of Magnit[1]. 
 
   Olga Naumova, currently the Chief Executive Officer, has decided to leave 
the Company due to disagreements with the Board of Directors relating to the 
                                                    strategy of the Company. 
 
  Jan Dunning will continue to serve as a Deputy Chairman of Magnit Board of 
                                                                  Directors. 
 
          Charles E. Ryan, the Chairman of the Board of Directors of Magnit, 
                                                                  commented: 
 
 "Olga joined the Company in May 2018 to manage its transformation to emerge 
       as a leader of the modern retail market In Russia. The results of her 
     professional contribution to Magnit will serve as a solid foundation to 
build on going forward. On behalf of the Board of Directors, I would like to 
          sincerely thank Olga for her dedicated service during this time of 
               unprecedented change and wish her all the best In the future. 
 
     I am pleased that Jan will combine the roles of the President and Chief 
       Executive Officer of Magnit. To successfully implement our turnaround 
      strategy, we have to continue building a unified high performing team, 
       achieve operational excellence and further financial discipline while 
  delivering a winning customer value proposition. I am sure that with Jan's 
   vast experience and leadership we will continue to successfully implement 
      our transformation program and achieve the ambitious goals we have set 
                                                                 ourselves". 
 
                            Jan Dunning, the President of Magnit, commented: 
 
 "Retail is about people. I am honored to be a part of this Magnit family of 
                                  strong and dedicated retail professionals. 
 
        I am excited to drive the transformation of the Company to become an 
                                                 innovative modern retailer. 
 
 I would like to thank the Board of Directors for their trust and promise my 
  full commitment to working for the benefit of our shareholders, employees, 
                                         partners and the Russian consumer". 
 
                                    For further information, please contact: 
 
Dmitry Kovalenko 
 
Director for Investor Relations 
 
Email: [e-mail] 
 
Office: [phone] 
 
Dina Chistyak 
 
Director for Investor Relations 
 
Email: [e-mail] 
 
Office: [phone] x 15101 
 
Media Inquiries 
 
Media Relations Department 
 
Email: [e-mail] 
 
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 March 31, 2019, Magnit operated 38 distribution centres 
  and 19,223 stores (13,909 convenience, 467 supermarkets and 4,847 drogerie 
       stores) in 3,077 cities and towns throughout 7 federal regions of the 
                                                         Russian Federation. 
 
In accordance with the audited IFRS results for 2018, Magnit had revenues of 
RUB 1,237 billion and an EBITDA of RUB 90 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. 
 
=--------------------------------------------------------------------------- 
 
   [1] The decision to terminate the authority of Olga Naumova and elect Jan 
   Dunning to the position of the Chief Executive Officer of the Company was 
 taken by the Board of Directors of PJSC "Magnit" on 06/26/2019 (minutes w / 
                                                           d of 06/26/2019). 
 
  More detailed information about the decisions of the Board of Directors is 
                                            available by the following link: 
          http://ir.magnit.com/en/information-disclosure/material-facts/ [1] 
 
ISIN:           US55953Q2021 
Category Code:  MSCU 
TIDM:           MGNT 
LEI Code:       2534009KKPTVL99W2Y12 
OAM Categories: 2.2. Inside information 
Sequence No.:   11386 
EQS News ID:    831105 
 
End of Announcement EQS News Service 
 
 
1: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=3578903232f0525b75d5aa4e4f1807ea&application_id=831105&site_id=vwd&application_name=news 
 

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June 26, 2019 03:00 ET (07:00 GMT)