May 16, 2018 / 8:26 AM / a year ago

UPDATE 1-Russia's Magnit names former X5's Naumova as executive director

(Adds details, CEO comment, share price move)

MOSCOW, May 16 (Reuters) - Russian food retailer Magnit said on Wednesday it had appointed Olga Naumova, the former general director of rival X5’s Pyaterochka chain, as executive director.

Naumova, who was praised by analysts for helping the X5 Retail Group regain its leadership of the market, left her post there last month.

At Magnit, she will be responsible for operational management and the development of all store formats, as well as purchasing, pricing, marketing, maintenance, logistics and in-house production, the company said in a statement.

Khachatur Pombukhchan, Magnit’s chief executive officer, said the company was updating its management structure and strengthening its team in order to develop a new strategy for Magnit as soon as possible.

“Competition on the market is growing and the company needs new breakthrough decisions in order to return (to) leadership in the sector,” he added.

X5 overtook Magnit as Russia’s biggest retailer by sales in 2017, regaining the crown it lost in 2013. In February, Magnit founder Sergey Galitskiy stepped down as CEO and sold most of his stake to state lender VTB.

London-listed shares in Magnit jumped more than 4 percent by 0803 GMT to $20.53. ($1 = 62.2800 roubles) (Reporting by Maria Kiselyova; Editing by Jason Neely and Catherine Evans)

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