Stephan DuCharme, chief executive of London-listed Russian food retailer X5, is to move up to chair the company’s supervisory board.
DuCharme has spent the past three years leading the business through a turnaround.
Current X5 director Igor Shekhterman will become chief executive.
A statement from the company to the London Stock Exchange said: “Stephan has over the last three years led the implementation of X5’s new operating model, the renewal of its three retail formats based on refreshed value propositions, the accelerated ramp-up of new trading space delivery and the formation of a strong senior management team.
“Stephan and Igor have worked together closely over this period, in particular with regard to building the current leadership team. Stephan previously served on the board from 2008–2012. The board is confident that Stephan’s appointment as chairman offers shareholders and other stakeholders the greatest continuity.”