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: Molchanov_ps@magnit.ru Email: magnitIR@magnit.ru Email: press@magnit.ru
Office: +7-861-277-4554 x 45000 Office: +7-861-277-4554 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.
