UPDATE: Magnit President Jan Dunning to replace Olga Naumova as CEO

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MOSCOW, Jun 26 (PRIME) -- President of Russian grocery retailer Magnit Jan Dunning has been appointed as CEO to replace Olga Naumova, the company said in a statement on Wednesday.

"Olga Naumova, the current CEO of Magnit, has decided to leave the company as her view of the business development strategy differs from that of the board of directors," the company said.

Dunning said in a conference call that no serious amendments would be done to the company’s strategy, and that no significant changes will happen within Magnit’s management team.

“I cannot say that there will be no changes, it depends on how people react to the new conditions. I am trying to find this out, I am talking with people. I am sure that there will be no big changes, and that the key people will remain,” he said.

Powers of Magnit’s current CEO Olga Naumova will end on Wednesday, and Dunning will assume the position of CEO on Thursday for three years.

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