13 Apr 2012 13:29

Magnit CEO's contract renewed by three years

MOSCOW. April 13 (Interfax) - The board of directors at Magnit , Russia's biggest retailer by number of stores, has extended the contract of its CEO, Sergei Galitsky, by three years, the company said.

Galitsky, Magnit's founder, has headed Magnit since April 2006, just before it held its IPO. He currently owns 38.66% of the company's shares.