X5 Retail Headed for Lowest in Five Months as CEO Gusev Resigns

July 13 (Bloomberg) -- X5 Retail Group NV, Russia’s largest food retailer by revenue, headed for a five-month low after Chief Executive Officer Andrei Gusev quit, effective immediately.

X5’s global depositary receipts lost 4.4 percent to $21.32 by 9:11 a.m. in London. A close at that level would be the weakest since Jan. 30.

Stephan DuCharme, a member of X5’s board, will take over on a temporary basis as the company starts a search for a new CEO, X5 said in a statement today.

To contact the reporter on this story: Ilya Khrennikov in Moscow at ikhrennikov@bloomberg.net;

Ksenia Galouchko in Moscow at kgalouchko1@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net