OREANDA-NEWS. November 26, 2007. X5 Retail Group N.V., Russia's largest food retailer in terms of sales, announced today that Evgeny Kornilov, who is currently Deputy CFO of the Group and Head of Financial Planning and Reporting, will become X5 Group CFO starting from January 1, 2008, following Supervisory Board approval in December this year.  Vitaliy Podolskiy will retire from his post as the Group CFO effective as of January 1, 2008.  Vitaliy will stay with the Group as a Member of the Management Board and Chief Advisor to the CEO. 

"I would like to welcome Evgeny Kornilov in his new role.  I have worked closely with Evgeny since he was appointed CFO of our Perekrestok chain in 2006.  Evgeny not only is a very talented manager, he also has a deep understanding of our business and unique financial expertise that he has gained during his professional life.  I am sure he is a rising star in the retail universe," Lev Khasis, X5 Retail Group CEO, said.  He added:  "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."

H. Defforey, Chairman of the Supervisory Board, commented:  "The Company is facing challenging opportunities, both in terms of growth and on-going efficiency improvement.  Evgeny Kornilov is well prepared to address these challenges and will provide all the necessary support and expertise for X5’s further successful development."

Evgeny 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.  Thanks to Vitaliy I have good starting base and strong team to support me."

"My last five years as the CFO of Perekrestok and then X5 Retail Group have been the most exciting time and interesting challenge in my life and I look forward to working with Lev Khasis as his strategic advisor.  I am pleased to pass my "steering wheel”"to Evgeny, being confident that he is ready for this role," Vitaliy Podolskiy said.

Evgeny 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 have included Financial Planning and Reporting. Evgeny was born in 1969 in Kazan. He graduated from the Moscow Foreign Affairs University with a degree in Economics, International Trade and Foreign Languages.  Prior to joining X5, Evgeny worked as CFO of SUN Interbrew in Russia.  In 1992-1999 he worked in Management Consultancy and Audit Services of PriceWaterhouseCoopers, Russia. 

Vitaliy Podolskiy has held the position of the Chief Financial Officer of X5 Retail Group since May 2006. Prior to this he was the Chief Financial Officer of Perekrestok.  He is a graduate of the Moscow State University Department of Journalism and has an MBA of the University of Chicago Graduate School of Business.  Previously, Vitaliy has worked for Ford Motor Company (Europe), A.T. Kearney Inc (USA) and for Bankers Trust International Plc (UK).