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Vitaliy Podolskiy will retire from his post as the group CFO effective as of 1 January 2008. X5 said that he will stay with the group as a member of the management board and chief advisor to the CEO.

Welcoming Kornilov to his new position, X5 Retail Group’s (LSE:FIVE) CEO Lev Khasis, said, “I would also like to thank Vitaliy for all his work as CFO of Perekrestok and X5 Group since 2002 and in particular his contribution to the successful merger and integration of Perekrestok and Pyaterochka”.

Hervé Defforey, chairman of the supervisory board, commented, “The company is facing challenging opportunities, both in terms of growth and ongoing efficiency improvement. Kornilov is well prepared to address these challenges and will provide all the necessary support and expertise for X5’s further successful development.”

Kornilov added: “This is very exciting time to take on this role, as X5 Group continues its rapid expansion and prepares for major new investments in the future. I will focus on implementing state-of-the-art financial management systems and ensuring that the group’s financial strategy meets its aggressive growth objectives.”

Kornilov was appointed deputy CFO of X5 in 2007, a year after he joined the group in August 2006 as CFO of Perekrestok. As deputy CFO of the Group, his responsibilities included financial planning and reporting. He was born in 1969 in Kazan and graduated from the Moscow Foreign Affairs University with a degree in Economics, International Trade and Foreign Languages.

Prior to joining X5, Kornilov worked as CFO of SUN Interbrew in Russia. Between 1992 and 1999 he worked in management consultancy and audit services at PriceWaterhouseCoopers in Russia.

Kornilov's appointment will take effect from 1 January 2008, following supervisory board approval expected in December this year.

Related links

• X5 Retail Group N.V.