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MAGNIT PJSC (MGNT)

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Thursday 15 July, 2021

MAGNIT PJSC

Magnit announces organisational changes to accelerate e-commerce development and digital transformation

MAGNIT PJSC (MGNT)
Magnit announces organisational changes to accelerate e-commerce development and digital transformation

15-Jul-2021 / 10:00 MSK
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.


 

 

MAGNIT announces organisational changes to accelerate e-COMMERCE development and digital transformation

Krasnodar, Russia (July 15, 2021): Magnit PJSC (MOEX and LSE: MGNT; the Company, Magnit), one of Russia's leading retailers, announces changes to the Company's organisational structure in order to accelerate Magnit's digital transformation and focus on growing e-commerce sales.

As part of the reorganisation, a new business unit has been established to oversee the development of Magnit's e-commerce sales channels and to continue to enhance the Company's e-commerce infrastructure. The business unit will be led by Andrey Lukashevich, who was recently appointed to the position of E-commerce director. Andrey is responsible for Magnit's continued e-commerce development and will report directly to Jan Dunning, Magnit's President and CEO.

Going forward, a separate business unit will oversee the continuous development of Magnit's technology and IT-infrastructure as well as the Company's advanced analytics and big-data capabilities.

As a result of these organisational changes, the position of Executive Director and Deputy CEO, currently held by Florian Jansen, will be made redundant.

These changes are aimed at simplifying and speeding-up decision-making, ensuring more efficient cross-functional collaboration and accelerating the roll-out of Magnit's e-commerce strategy and infrastructure, including the implementation of cutting-edge IT-systems.

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Jan Dunning

Magnit's President and CEO

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"Magnit has ambitious expansion plans across both the Company's store retail business and online sales channel. We continue to test various initiatives across both parts of the business in order to accelerate our progress moving forward. This progress will be underpinned by further enhancements to our IT-infrastructure and the smooth integration of this technology into Magnit's key business processes, all supported by the organisational changes announced today."

 

 

 

 

For further information, please contact:

 

Dina Chistyak

Head of Investor Relations 
dina_chisty[email protected]

Office: +7 (861) 210 9810 x 15101

 

Media Inquiries  Twitter

[email protected]    @MagnitIR

 

 

 

 

Note to editors

 

Public Joint Stock Company "Magnit" is one of Russia's leading retailers. Founded in 1994, the company is headquartered in the southern Russian city of Krasnodar. As of March 31, 2021, Magnit operated 39 distribution centers and 21,900 stores (15,098 convenience, 471 supermarkets and 6,331 drogerie stores) in 3,770 cities and towns throughout 7 federal regions of the Russian Federation.

In accordance with the audited IFRS 16 results for FY 2020, Magnit had revenues of RUB 1,553.8 billion and an EBITDA of RUB 178.2 billion. Magnit's local shares are traded on the Moscow Exchange (MOEX: MGNT) and its GDRs on the London Stock Exchange (LSE: MGNT) and it has a credit rating from Standard & Poor's of BB.

 

 

 

Forward-looking statements

 

This document contains or may contain forward-looking statements that may or may not prove accurate. For example, statements regarding expected sales growth rate and/or store openings are forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause actual results to differ materially from what is expressed or implied by the statements. Any forward-looking statement is based on information available to Magnit as of the date of the statement. All written or oral forward-looking statements attributable to Magnit are qualified by this caution. Magnit does not undertake any obligation to update or revise any forward-looking statement to reflect any change in circumstances.

 



ISIN: US55953Q2021
Category Code: MSCU
TIDM: MGNT
LEI Code: 2534009KKPTVL99W2Y12
OAM Categories: 3.1. Additional regulated information required to be disclosed under the laws of a Member State
Sequence No.: 117443
EQS News ID: 1219001

 
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