Lenta announces appointment of Tomas Korganas as non-executive director of Lenta Ltd.

 

St. Petersburg, Russia; 28 August, 2019 - Lenta, (LSE, MOEX: LNTA) one of the largest retail chains in Russia, announces that Tomas Korganas has been appointed as non-executive director of the Board of Directors of Lenta Ltd. with an immediate effect.

 

Appointing Tomas Korganas as a non-executive director of Lenta Ltd. the Board used its authority to fill the vacant seat with the nominee of Severgroup, Lenta's major shareholder.

 

Tomas Korganas started his career at BCG and Goldman Sachs, after that he worked in and led Corporate M&A at GE, Rusal and Vympelkom for the next 10 years. In 2012, Tomas joined Severstal as Head of Corporate Development and soon after he was asked to assume same role at SeverGroup. Since 2018, Tomas is also heading the Strategy of Severgroup.

 

Tomas graduated with B.Sc. in Engineering from Kaunas University of Technology in 1993, M.Sc. in International Strategy from Helsinki University of Technology in 1996, and MBA from Sloan School of Management, MIT in 2000.

 

Lenta's Chairman, Alexey Mordashov, commented:

"On behalf of Lenta's Board I would like to welcome Tomas as a new member of the Board. I believe, his deep experience in Strategy and M&A will be very beneficial for the Company in the current stage of development".

 

About Lenta

• Lenta is the largest hypermarket chain in Russia and the country's third largest retail chain. The Company was founded in 1993 in St. Petersburg. Lenta operates 245 hypermarkets in 88 cities across Russia and 129 supermarkets in Moscow, St. Petersburg, and the Siberia, Urals and Central regions, with a total of approximately 1,468,639 sq.m. of selling space. The average Lenta hypermarket store has selling space of approximately 5,500 sq.m. The average Lenta supermarket store has selling space of approximately 800 sq.m. The Company operates 12 distribution centers.
• The Company's price-led hypermarket formats are differentiated in terms of their promotion and pricing strategies as well as their local product assortment. The Company employed approximately 50,509 people as of 30 June 2019.
• The Company's management team combines a mix of local knowledge and international expertise coupled with extensive operational experience in Russia. Lenta's largest shareholders include Severgroup, which is committed to maintaining high standards of corporate governance. Lenta is listed on the London Stock Exchange and on the Moscow Exchange and trades under the ticker: 'LNTA'
• A brief video summary on Lenta's business and its Big Data initiative can be seen .
• For further information please visit , or contact:  

Forward looking statements:

 

This announcement includes statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements can be identified by the fact that they do not only relate to historical or current events. Forward-looking statements often use words such as "anticipate", "target", "expect", "estimate", "intend", "expected", "plan", "goal", "believe", or other words of similar meaning.

 

By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances, a number of which are beyond Lenta's control. As a result, actual future results may differ materially from the plans, goals and expectations set out in these forward-looking statements.

 

Any forward-looking statements made by or on behalf of Lenta speak only as at the date of this announcement. Save as required by any applicable laws or regulations, Lenta undertakes no obligation publicly to release the results of any revisions to any forward-looking statements in this document that may occur due to any change in its expectations or to reflect events or circumstances after the date of this document.

FTE (full-time equivalent). Average FTE for 1H2019 was 51,470 employees