OREANDA-NEWS. March 21, 2012. X5 Retail Group N.V., Russia's largest retailer in terms of sales, today announced that Oleg Vysotsky, Discounter format General Director, will step down after nearly 15 years with the Company. He will continue to manage the business for an interim period and will serve as a transition advisor once a successor is appointed. The Company has already identified internal and external candidates and is conducting an exhaustive search to consider the broadest pool of management talent for this position.

X5 Retail Group CEO Andrei Gusev commented:

"I would like to thank Oleg for his many years of contribution and for his commitment to an orderly management transition. I am confident we will appoint an outstanding retail executive to lead the discounter format for its next phase of profitable growth."

"X5 has built an outstanding position in discounters, and Pyaterochka is consistently ranked as one of Russia's strongest consumer brands. In the fall of 2011, we transitioned to a true multi-format structure that is more strongly focused on customers. Following completion of the Kopeyka integration, P&L responsibilities were delegated to experienced regional directors to manage our growing scale in discounters on a decentralized basis. This expanded discounter management team is now executing on key business priorities and the format is well positioned for sustainable profitable growth."

Oleg Vysotsky has been with the Company since 1998. He was appointed General Director of X5 Retail Group's discounter format in 2006 following the merger between Pyaterochka and Perekrestok.