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Top Stories
February 16, 2018
disputes in the company over strategy. Magnit announced it was dropping plans to develop a pharmacy chain in January after top executive Sergey Goncharov quit. He had been tasked with developing the cosmetics and pharmacy formats for the retailer.
"I left because I don't see a future in the compa- ny," Goncharov told Vedomosti at the time. Under Goncharov the cosmetics and beauty formats saw sales rise 13-fold and ebitda 22-fold in 2013-2016.
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VTB Chairman of the Board Andrey Kostin told reporters that he expects Magnit's capitalisation to grow and the bank knows the business well. VTB Capital’s Alexei Makhnev has been an independent director on Magnit’s board for several years and Gal- itsky has been the same on VTB’s board since 2015.
Magnit’s board of directors is due to meet today and the current CFO Khachatur Pombuchkhan will be appointed as the new chairman of the board, according to reports.
