Discussion about "Х5 утвердила нового гендиректора - Коммерсантъ"

Х5 утвердила нового гендиректора - Коммерсантъ

here it is in English....

X5 adopted the new CEO


Shareholders
of X5 Retail Group (controlled by a consortium of "Alpha groups", the
network "Pyaterochka", "Crossroads," "Carousel," "Kopek", etc.) at their
annual meeting on Monday, 20 June, approved a four-year contract with
the new general director, Andrei
Gusev.


The contract to be concluded before June 20, 2015, approved the 98.9% of the vote, according to the materials X5.
As reported by "Kommersant" on May 23, the annual base salary of new CEO will be 40 million rubles.
(Approximately
U.S. $ 1.4 million according to Central Bank on 22 May), the annual
bonus will be equal to 100% of salary subject to achieving company
targets, but may be extended with the approval of the Supervisory Board
for a maximum of 50% of base salary in the case of the "outstanding
success in
work ".
Mr. Gusev also be able to participate in stock option program.
Terminate the contract he laid a common severance benefit equal to annual base salary.


A
source close to the X5, argued that at the same position - director of M
& A - Andrey Gusev receive a salary of $ 900 thousand a year and a
bonus of 150% on annual salary.
Salary of the new
head of X5 is 1.5 times lower than that of the former CEO Lev Khasis,
his base salary in 2010 was $ 2.123 million, or 64.4 million rubles.
the average rate over the past year.
Each
year, Mr. Khasis pay bonuses - up to 100% of annual salary: in 2009 he
received $ 1.5 million bonus in 2008 - to $ 2 million


X5 Retail Group on 31 March this year ran a 2.545 thousand stores in Russia and Ukraine.
Net
retail sales for 2010, taking into account acquired at the end of last
year, the network "Kopek" - $ 13.047 billion, 47,9% X5 belongs to the
"Alfa Group", 19.8% - the founders of the network "Pyaterochka", 1.9% -
in management, 0.1% - treasury shares, 30.3% still trading on the London Stock Exchange (LSE).


Also
at the meeting approved the annual report and profit distribution by
the end of 2010, "Interfax»: X5 will not pay dividends, sending profits
to replenish reserves.


In addition,
shareholders divided among four independent members of the Supervisory
Board remuneration in the form of limited rights to shares (restricted
stock units, RSU).


It was also decided to adjust the remuneration policy of top management.
In
calculating the remuneration benchmarks in terms of revenue and EBITDA
will be considered separately (previously accounted cumulatively).


At
the meeting endorsed the traditional X5 issue of delegation of powers
to the supervisory board (for 18 months) to decide on issuing new shares
- up to 13.578643 million or 20% of the capital.
The shareholders also authorized the management to make decisions on redemption of shares - up to 10% of the capital.


Auditor appointed X5 PricewaterhouseCoopers.