Moscow. November 13. Shareholders of X5 Retail Group extraordinary General meeting Sunday approved Igor Shekhterman chief Executive officer and a member of the Board, said in a statement. His contract is for 4 years, until the annual shareholders ‘ meeting 2019.
Basic salary of Sichterman will make 42 million roubles a year. He will also participate in the incentive program – it provides for an additional payment of 100% of annual salary if KPI implementation (by revenue and EBITDA) and up to 140% in the case of achieving extraordinary results.
The X5 has no liabilities to the new head for early termination of the contract. However, if Sichterman will retain his post until 8 September 2017, in the case of dismissal will be owed compensation in the amount of $4 million.
The shareholders also approved the former head of X5 Stephen Ducharme and co-founder of furniture retailer Hoff Michael Kuchment members of the Supervisory Board.
In addition, the new auditor of the company from January 1, 2016 approved by EY.
X5 announced the change of head in September – Mr. Ducharme left the post for three years significantly improving operational performance. When the retailer accelerated revenue growth and customer traffic.
Sichterman – managing partner and one of the founders of RosExpert company specializing in the recruitment of top management. Early in his career he worked as Finance Manager of the Russian office of the Japanese Beoluna, specializing in the production of jewelry. The new head X5 has a bachelor’s degree in Economics, additional education in the field of General management and financial management he received in business schools in France and Denmark.
Shekhterman was part of X5’s Supervisory Board, where he served as Chairman of the Committee on appointments and remuneration in 2013. He played an active role in creating the current management team of the retailer.
X5 Retail Group is the second retailer in Russia by sales volume. X5 manages discounters “Pyaterochka”, supermarkets “Perekrestok”, “Karusel” hypermarkets and stores. X5 is supervised “the alpha-groups” Michael Friedman and partners.