The X5 Retail Group has fallen to its lowest point in more than two weeks after the director of its discount format division of 15 years quit.
Shares slid 5.2 percent to $25.05 at 12 p.m. in London trading, the weakest intraday level since Feb. 16. Oleg Vysotsky will continue to manage the division until a replacement is found and will then serve as a transition adviser, X5 said in a statement today.
“Mr. Vysotsky was one of X5’s star managers, who has helped to make discounters the company’s best-performing business,” said Luis Saenz, chief executive officer of the U.S. unit of Moscow-based brokerage Otkritie Financial Corp. in an e- mailed note today. “His departure is likely to weaken X5’s core segment.”
Source: www.freshplaza.com