MAGNIT PJSC: Magnit Announces Changes in the Commercial Block

MAGNIT PJSC (MGNT) 
Magnit Announces Changes in the Commercial Block 
 
12-Aug-2020 / 10:00 MSK 
Dissemination of a Regulatory Announcement, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
Press-Release | Krasnodar | August 12, 2020 
 
Magnit Announces Changes in the Commercial Block 
************************************************ 
 
   Krasnodar, Russia (August 12, 2020): Magnit PJSC (MOEX and LSE: MGNT; the 
       Company), one of Russia's leading retailers, announces staff changes: 
  Vladimir Sorokin, who previously held the office of Deputy Chief Executive 
 Officer - Commercial Director, made a decision to resign on August 28,2020. 
 
    Vladimir Sorokin joined the Company in January 2019. He was in charge of 
    development of the Company's commercial capabilities, assortment policy, 
       category management, pricing, cooperation with suppliers, and private 
                                                                     labels. 
 
After Mr. Sorokin's resignation, the Company's commercial department will be 
  restructured, including launch of a dedicated commercial procurement unit. 
      The aim of restructuring is to further strengthen category management, 
  pricing, promo planning and private labels to ensure customer offering and 
        margin improvement going forward. Jan Dunning will lead the critical 
       initiatives in the reorganization process and takes an acting role of 
          Commercial Director. The heads of the key blocks of the commercial 
                                     department will report directly to CEO. 
 
                        Jan Dunning, President and CEO of Magnit, commented: 
 
      "We're grateful to Vladimir Sorokin for his work on improvement of the 
          commercial offering we present to our customers. His expertise and 
   experience helped us optimize the assortment of Magnit stores and build a 
   modern framework for category management at the Company. We wish Vladimir 
                                            further success in new projects. 
 
    We've managed to assemble a very strong team of category managers at our 
      Company, and they will continue to further expand and improve Magnit's 
      commercial activities, now with a broader set of functions and greater 
                                                            accountability." 
 
       On August 11, 2020, the Board of Directors made a decision to exclude 
   Vladimir Sorokin from the Management Board effective from August 29,2020. 
    Since August 29, 2020 PJSC Magnit Management Board will consist of eight 
                                                                    members. 
 
     Please follow the links below to read full text of the Board decisions: 
 
          http://www.e-disclosure.ru/portal/company.aspx?id=7671 (in Russian 
                                                                  language); 
 
       https://www.magnit.com/ru/disclosure/regulatory-news/ [1] (in Russian 
                                                                  language); 
 
  https://www.magnit.com/en/disclosure/regulatory-news/# [2] -Disclosure (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 June 30, 2020, Magnit operated 38 distribution centres 
  and 20,894 stores (14,581 convenience, 472 supermarkets and 5,841 drogerie 
       stores) in 3,710 cities and towns throughout 7 federal regions of the 
                                                         Russian Federation. 
 
 In accordance with the unaudited IFRS 16 management accounts results for 1H 
    2020, Magnit had revenues of RUB 763.4 billion and an EBITDA of RUB 86.9 
     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.:   81369 
EQS News ID:    1115851 
 
End of Announcement EQS News Service 
 
 
1: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=02d7b1654732e0af200cb994d5350d7a&application_id=1115851&site_id=vwd&application_name=news 
2: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=857099d7d25a8e12dc852a0660ed265e&application_id=1115851&site_id=vwd&application_name=news 
 

(END) Dow Jones Newswires

August 12, 2020 03:00 ET (07:00 GMT)