X5 Retail Group NV (FIVE), 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.
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