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Date: 4 weeks ago   Category: Companies

How did the market react to changes in the management of "Magnet"?


The company was left by the CEO Olga Naumova. It had disagreements with the board of directors about ways of development of the company, Olga Naumova is said in the statement of the retailer. Photo: Gabriel of Grigorov/TASS the CEO and the chairman of the board of "Magnet" Olga Naumova left the company. Her position will be held by the current president of "Magnet" Jan Dyunning. Recently the company yields the position on a retail market to the main competitor — Pyaterochka of X5 Retail Group. Transition to a new format did not meet expectations. Olga Naumova came to "Magnet" last summer. Before worked in X5 Retail Group where reconstructed a business model of shops at the house Pyaterochka. Under its management the consumer stream was restored, growth of sales was outlined, X5 gradually gained the lead in the retail market. Something similar was wanted to be made also with "Magnet". Began to improve the range, created the so-called atmosphere of opening. It included various tastings, extension of stocks and discounts. The idea of start of small shops was considered. However something went wrong. Investors were guarded by intermediate figures. For the first quarter the profit of the retailer was reduced to 3.5 billion rubles. Falling was 52% in comparison with the same period of last year. The same X5 Retail Group, on the contrary, during this time added 65%: its net proceeds exceeded 9 billion. The reason of such results in inconsistency of top managers of "Magnet", everyone pulled a blanket on itself(himself), the portfolio manager Opening Broker Timur Nigmatullin says. Timur Nigmatullin is an analyst of the Opening Broker company "First, strategy is calculated not for one year. Strategy is implemented as follows: the concept of shop, approach to formation of traffic changes, further this approach is scaled when opening new shops. It is obvious that it was impossible to reach it in a year. I think, the key moment that to employ two managers who can have a conflict on some questions was an obvious mistake. It is impossible to manage fictitiously the company if there are two centers of decision-making". Personnel changes in "Magnet" began right after change of the majority shareholder. In February of last year 29% were redeemed by VTB Group. At the beginning of this year the former head of "Tape" Jan Dyunning came to "Magnet", he became the president and the board member. As a result of Dyunning also replaced Naumova. According to a source of RBC, the reason of its leaving was in disagreements with the new top manager. Naumova allegedly insisted on expansion of "Magnet". The board of directors saw prospects in transformation and increase in efficiency of already existing shops. As a result unexpected it is impossible to call leaving from Naumova's position. Market reaction also says about it, the senior analyst of Gazprombank Marat Ibragimov notes. — It is big corporation, 260 thousand employees, nearly 20 thousand shops, very not easy to change everything even in one year. But in general I would agree. Comparable traffic remained in the negative territory in spite of the fact that the share of the updated shops already exceeded a half, to be exact, made 58% in the first quarter. — On

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