Leading grocery retailer X5 Retail Group has disclosed that Andrei Gusev has resigned as chief executive. However, he will continue to work with the company in an advisory capacity.
Board member Stephan DuCharme will assume Gusev’s role on a temporary basis. The change came at the same time as the retailer reported net revenue growth of 7.2% to RUB240.3bn (£4.73bn) in the first half of 2012.
However, X5’s like-for-like sales growth declined by -2.5% during the period.