X5 Retail Group, Russia’s largest food retailer by sales, fell to the lowest in more than two weeks as the director of its discount format division quit after 15 years with the company.
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.”