X5 Retail Group NV, Russia’s largest food retailer by sales, has named Kieran Balfe as CFO of X5 Group, following nomination of the supervisory board. His appointment as statutory director will be placed on the agenda of an extraordinary shareholders meeting to be held in February 2011.
Balfe has almost two decades of management experience in the Russian market, most recently at Mars Inc, a global leader in branded consumer food, confectionery and pet care products with $30 billion in sales. Following Mars’ acquisition of Wrigley, Balfe played a major role in the integration of the two companies’ Russian operations to drive efficiencies and leverage global scale and best practices.
Lev Khasis, CEO, X5 Retail Group, said, “Balfe brings invaluable consumer industry experience and knowledge of global operational best practices to the job of CFO. We plan to accelerate growth significantly in 2011, with record new store openings and integration of the Kopeyka acquisition to build on our number one position, and continued execution of our ‘strategic efficiency programme’ to drive operational excellence and competitive advantages.”
Hervé Defforey, chairman of the supervisory board, said, “His track record combines strong financial management of fast-moving consumer goods businesses and understanding of supply chains with the market knowledge and experience of operating in Russia.”
Balfe, 41, was born in Ireland and holds a masters’ degree in accountancy from University College, Dublin. He qualified as a Member of the Institute of Chartered Accountants in Ireland in 1993 and was awarded his Fellowship (highest professional rank) in 2005. He has worked in Russia since 1994, starting as an auditor with Coopers & Lybrand. From 1996 to 2001, he held positions at Glencore, American Home Products and Japan Tobacco.
– IndiaRetailing Bureau