PJSC Magnit Announces the Results of the Board Meeting

MAGNIT PJSC (MGNT) 
PJSC 'Magnit' Announces the Results of the Board Meeting 
 
18-Jul-2019 / 12:01 MSK 
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The issuer is solely responsible for the content of this announcement. 
 
Press Release | Krasnodar | July 18, 2019 
 
PJSC "Magnit" Announces the Key Decisions of the Board 
****************************************************** 
 
Krasnodar, Russia (July 18, 2019): 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 July 17, 2019. 
 
    In connection with the appointment of Jan Dunning as the Chief Executive 
 Officer of PJSC "Magnit", James Simmons has been elected Deputy Chairman of 
the Board of Directors, Florian Jansen - Chairman of the Strategy Committee. 
  Jan Dunning remains a member of the Board of Directors and a member of the 
                                    Strategy and Capital Markets Committees. 
 
     The Board has approved the amended Regulations on the Committees of the 
   Board of Directors of PJSC "Magnit". Most of the amendments relate to the 
     introduction of the role of the President who may be acting as the sole 
    executive body of the Company. The requirements to the membership of the 
 Strategy and Capital Markets Committees have also been changed to allow the 
President acting as the sole executive body of the Company to be a member of 
                                                       the above committees. 
 
 The Board of Directors has approved Anton Zavalkovsky, previously appointed 
      Director for Real Estate Management and Non Commercial Purchases, as a 
                           Member of the Management Board of PJSC " Magnit". 
 
   As part of Magnit's transformation program, Anton will work on efficiency 
      improvement of the system of real estate management and non-commercial 
         purchases. His responsibilities also include territory development, 
          construction, launch, and maintenance of new Company's facilities. 
 
         Before joining Magnit, Mr. Zavalkovsky held management positions in 
      Investlesprom holding, Lenta, Baykal Cellulose and Paper Plant and VTB 
                                                                      Group. 
 
                         Jan Dunning, Magnit's President and CEO, commented: 
 
   «We are excited to see Magnit's team welcome new managers with a profound 
    industry expertise and a proven track record in implementing large-scale 
projects. I am confident that, under Anton's direction, one of the key areas 
   of our business - launch and development of stores and management of real 
        estate - will demonstrate high efficiency in line with our long-term 
    strategy, which is centered around the customers of the family of Magnit 
                                                                    stores». 
 
Please follow the link below to read full text of the Board decisions: 
 
· http://www.e-disclosure.ru/portal/company.aspx?id=7671 (in Russian 
language); 
 
· http://ir.magnit.com/ru/press-relizyi/sushchestvennye-fakty_2019/ (in 
Russian language); 
 
· http://ir.magnit.com/en/press-releases/reg-filings_2019/ (in English). 
 
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. 
 
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.:   13910 
EQS News ID:    843187 
 
End of Announcement EQS News Service 
 
 

(END) Dow Jones Newswires

July 18, 2019 05:01 ET (09:01 GMT)