Vladimir Sorokin, deputy CEO and Commercial Director of Magnit, has decided to continue his career outside the company. He is leaving on August 28, 2020, the retailer informed.
On August 11, the Board of Directors decided to exclude Vladimir Sorokin from the company's management board with effect from August 29. After that date, the management board will consist of eight members.
After Vladimir Sorokin quits the company, the commercial department will be restructured, with a dedicated commercial procurement division to be created. The block restructuring aims at ensuring further development of category management, pricing, planning of promo offers and private labels in order to improve offers for customers while increasing business margins.
PJSC Magnit (tax number: 2309085638) is the Krasnodar-based holding company for a group of entities engaged in the retail trade through the same-name retail chain.
Magnit's 12-month IFRS net profit for 2019 dropped by 49% year-on-year to RUB 17.1 billion. Total revenue increased by 10.6% to RUB 1,368.7 billion; EBITDA amounted to RUB 83.1 billion. The company opened 2,377 stores net (1,195 stores corner stores, 6 supermarkets and 1,176 drogerie stores). The total number of stores in the chain was 20,725 as of December 31, 2019.
