9 November 2018
Lenta announces appointment of new Chief Financial Officer
St. Petersburg, Russia; 9 November, 2018 – Lenta, (LSE, MOEX: LNTA) one of the largest retail chains in Russia, is pleased to announce the appointment of Rud Pedersen as Chief Financial Officer (CFO) upon completion of the notice period, but no later than 31st March 2019. Rud will replace Jago Lemmens who will step down from the CFO position for family reasons.
Rud Pedersen is currently CFO of Carlsberg Eastern Europe and will join Lenta as CFO after completing his agreed notice period. Jago will remain CFO and a Director of Lenta Ltd. until Rud’s appointment becomes effective. When his appointment becomes effective, Rud will automatically replace Jago as a Director of Lenta Ltd. by virtue of his CFO role, as stipulated in the Company’s Articles of Association.
Jago Lemmens joined Lenta in 2010 as Accounting and Reporting Director, becoming CFO in 2011. He was appointed a Director of Lenta Ltd in 2013. Jago notified the Company several years ago of his wish to move to another country in 2018/2019 to join his family. This change is part of a long planned transition and Jago has played an active role in supporting the Board and management with the recruitment of his replacement.
Jago will continue to play an active role at Lenta. He will remain a full-time consultant to the Company for a period to support Rud in the CFO transition before switching to a part-time consulting basis focused on specific business improvement projects.
Rud Pedersen currently serves as CFO of Carlsberg Eastern Europe and is responsible for operations in five FSU markets. Over the last 25 years he held a number of senior management positions in a diverse range of businesses, including FMCG, fashion and apparel retail, pharma. He has had experience in regional and group level roles, including Cadbury (Russia), Astrazeneca (Belgium), Levi Strauss (Belgium) and IC Group (Denmark). He started his career with Deloitte.
Rud graduated from Aarhus School of Business (Denmark) with the Master of Science degree in International Business Administration & Commercial Law and has an EMBA from London Business School (UK).
Lenta’s Chairman, John Oliver, commented:
“Lenta prides itself on the stability of its Board and Management. This replacement has been carefully planned over a long period to ensure a smooth transition. Jago has done an outstanding job since joining Lenta 8 years ago. He has played a key role in Lenta’s growth, IPO and investor relations in addition to financial matters. We are pleased that he will continue working with Lenta as a consultant after the transition.
I am delighted that Rud Pedersen has agreed to join Lenta. Rud is a great addition to our team and the Company will benefit from his deep Russian and international expertise. This appointment reflects Lenta’s fundamental strengths and exciting prospects in being able to attract someone with Rud’s track record and capabilities. My fellow Directors and I look forward to welcoming Rud to the team”.
Lenta’s CEO, Jan Dunning, commented:
“We have come to know Rud well over the course of the recruitment process and I am convinced he will do an outstanding job in the CFO role. In addition to his strong professional experience and track record, Rud has a great attitude and will be an excellent cultural fit.
On behalf of the management team and all of our employees, I would like to thank Jago for his contribution to Lenta’s development. During his 7 year tenure as CFO he established himself as a savvy finance professional with the well-earned respect of the investment and finance community. We look forward to continuing to work with Jago in his new consulting role which will be focused on a number of specific business improvement projects”.
Lenta’s CFO, Jago Lemmens, commented:
“My decision was carefully considered and planned in advance. I requested the Board several years ago to find a replacement in 2019, so that I could spend more time with my family. I am very pleased to hand over CFO responsibilities to Rud. His deep financial experience, excellent business acumen and track record of success in financial and performance improvements makes him an ideal appointment. I look forward to supporting Rud’s transition and playing a consulting role to support Lenta in future”.
Rud Pedersen commented:
“I am thrilled to have the opportunity to join Lenta, honoured to succeed Jago and look forward to working with the entire Lenta team to continue driving long-term value creation for customers and shareholders. Over the course of many meetings with Lenta Board Directors and senior managers I have become convinced that the company has a great team and major opportunities to create value ahead of us”.
Lenta is the largest hypermarket chain in Russia (in terms of selling space) and the country’s third largest retail chain (in terms of 2017 sales). The Company was founded in 1993 in St. Petersburg. Lenta operates 234 hypermarkets in 85 cities across Russia and 127 supermarkets in Moscow, St. Petersburg, Siberia, Urals and the Central region with a total of approximately 1,416,883 sq.m of selling space. The average Lenta hypermarket store has selling space of approximately 5,600 sq.m. The average Lenta supermarket store has selling space of approximately 800 sq.m. The Company operates seven owned distribution centres.
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 50,600 people as of 30 June 2018.
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 TPG Capital and the European Bank for Reconstruction and Development, both of which are 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’.
For further information please visit www.lentainvestor.com, or contact:
PR and GR manager
Tel: +7 812 380-61-31 ext.: 1892
Anton Karpov & Victoria Afonina
Тel:+7 495 795 06 23