Jan Dunning reelected president of Magnit for three years

MOSCOW. May 27 (Interfax) - Magnit's board of directors has decided to reelect Jan Dunning president of the company for three years starting on May 31, the retailer said.

Dunning was appointed president of Magnit in January 2019 and became CEO in June 2019 after Olga Naumova left the company. Before joining Magnit, Dunning was CEO of Lenta for almost ten years.

Dunning has a 0.167145% stake in Magnit, which he received as remuneration under the terms of his employment contract as a participant in the LTI program, and he also acquired a small package of global depositary receipts.

Dunning's stake was larger at 0.279111% before September 2021, when he transferred a portion of his shares to his wife, notifying the company of this.

Dunning told Magnit's employees at the beginning of March that he was continuing to work and did not plan to leave Russia. "I continue to work at Magnit. We have 360,000 employees, 14 million customers every day, and I feel a responsibility toward each of them, so I must help them cope with a difficult situation. I have worked in Russia for nearly 20 years, I have got through many difficult periods. I saw opportunities in each of them, and I see them in this one. Magnit will become stronger," Magnit told Interfax at the time, quoting Dunning.

Magnit is Russia's largest retailer by number of stores and second largest by sales. Its biggest shareholder is Alexander Vinokurov's Marathon Group.