X5 Retail Slides to Two-Week Low After Manager Vysotsky Quits
The shares slid 5.2 percent to $25.05 at 12 p.m. in London trading, the weakest intraday level since Feb. 16. Oleg Vysotsky will continue to manage the division until a replacement is found and will then serve as a transition adviser, X5 said in a statement today.
“Mr. Vysotsky was one of X5’s star managers, who has helped to make discounters the company’s best-performing business,” said Luis Saenz, chief executive officer of the U.S. unit of Moscow-based brokerage Otkritie Financial Corp. in an e- mailed note today. “His departure is likely to weaken X5’s core segment.”
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