Russia's food retailer X5 says chairman has resigned
MOSCOW, March 18
MOSCOW, March 18 (Reuters) - Russia's biggest food retailer X5 Retail Group said on Monday its chairman Herve Defforey had resigned for personal reasons and would be replaced by board member Dmitri Dorofeev.
Defforey had been chairman for the past seven years, the company said in a statement.
X5, just under 50 percent owned by Russian billionaire Mikhail Fridman's Alfa-Group, generated 490 billion roubles or around $15.8 billion in revenues last year, up 8.3 percent from 2011, although that followed growth of 32 percent the previous year.
The company, which saw growth slow sharply after it changed its strategy to expanding without acquisitions, is now focused on boosting efficiency.
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