Pavel Breyev to head M.Video operations subsidiary
MOSCOW. March 21 (Interfax) - Consumer electronics and appliances chain M.Video co-owner Pavel Breyev will be heading the company's operations subsidiary, M.Video Management LLC.
The board of directors at OJSC M.Video Company nominated Breyev for the post at a March 13 meeting. "He will assume his duties after the making of the corresponding decisions at the operations company," an M.Video statement says.
The board also decided to end Breyev's authority as M.Video Company general director as of April 1 and to install in his place the retailer's President and co-owner Alexander Tynkovan.
The staff changes are technical in nature, M.Video sources told Interfax.
As the general director of M.Video Management, Breyev will be charting key directions for the operations company's activities, including future expansion and strategic development. He will retain his current duties as development director at M.Video.
At the end of last year, M.Video was a chain of 296 eponymous stores in 127 Russian cities. Its sales revenues for the year amounted to over 158 billion rubles - including VAT - which was 20% more than it made in 2011. Like-for-like store sales increased 9.3% in 2012.
The company's controlling shareholders are its founders - Breyev, Tynkovan, and Mikhail Tynkovan.
