X5 Retail Group announces CFO resignation

X5 Retail Group NV, a hypermarket chain, has announced the resignation of CFO, Kieran Balfe, effective March 8, 2013. The company has nominated deputy commercial director Sergey Piven to become the new CFO.

Mr Piven will assume the responsibilities of CFO effective March 8, 2013 and Mr Balfe will be working with Mr Piven over this time period to ensure an orderly transition, the company said.

Herve Deforrey, Chairman of X5's Supervisory Board commented, "On behalf of the Company's employees and the Supervisory Board we would like to thank Kieran for his contributions in helping to transform the Company to a true multi-format retailer and establish industry and global best-practice financial reporting. We wish him the best of luck in his future endeavors."

Mr Piven brings almost 20 years of financial experience to the CFO role. Mr Piven joined X5 in 2011 as Finance Director for the Commercial Division. Prior to joining X5, he was CEO of Belmarket Co., a retail chain owned by A1, the private equity arm of Alfa Group and also served as investment director for A1. Before this, he was the Director for Strategic Planning with Alfa Group, responsible for coordinating the strategic planning process and reviewing the strategies and budgets of all group companies.

Over the 1999 to 2005 period, Mr Piven held several management positions in the finance function of the Ford Motor Company in Cologne, Gothenburg, Helsinki and Moscow.