Wal-Mart de Mexico CFO to Retire in July

By Amy Guthrie 

MEXICO CITY-- Wal-Mart Stores Inc.'s Mexican unit said Monday that its chief financial officer of 17 years will retire in July, making him Wal-Mart de Mexico's second top-tier executive to exit this year.

Chief Financial Officer Rafael Matute, who has worked at the retailer for 28 years, will be replaced by Wal-Mart Latin America CFO Pedro Farah, the unit known as Walmex said in a statement.

Earlier this year, in January, Walmex Chairman Enrique Ostalé replaced Scot Rank as CEO of the company. Mr. Rank took a job as CEO of Mexican dairy giant Grupo Lala.

Walmex accounts for around 6% of Wal-Mart's annual global sales and is one of the Bentonville, Ark., company's biggest overseas operations.

The unit failed to grow same-store sales last year in Mexico, its main market, amid sluggish consumer spending and a weak economy. Walmex has also struggled to turn around its Sam's Club business in the country.

Write to Amy Guthrie at [e-mail]

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