Russian retailer Mosmart has appointed Sergei Kushakov as a new CFO of the company. Sergei Kushakov was working as Operations Director for Detskyi Mir. He is already the third Financial Director in the last twelve months.

Vitalyi Podolski, the prior CFO of X5 Retail Group, resigned from the post as Mosmart's CFO in November last year and was replaced by Viktor Shlepov. Mosmart has been struggling with its financial situation since the autumn 2008. The retailer may enter bankruptcy soon.