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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Walmart Inc | NYSE:WMT | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.05 | -0.08% | 60.16 | 60.39 | 60.00 | 60.15 | 11,045,224 | 00:10:16 |
By Amy Guthrie
MEXICO CITY-- Wal-Mart Stores Inc. on Friday said the head of its Latin American business will also take over as chief executive of its Mexican and Central American operation, Wal-Mart de Mexico.
Enrique Ostalé, who is already Wal-Mart de Mexico's chairman, will assume the CEO role at one of Wal-Mart's biggest foreign operations in January, replacing Scot Rank, who is leaving the company.
The leadership change comes on the heels of a tough year for Wal-Mart in Mexico, a country that supplies around 6% of the Bentonville, Ark., company's annual sales.
Weak consumer spending this year has resulted in a slight sales contraction at stores open more than 12 months in Mexico, with Wal-Mart saying it needs to "rejuvenate" the business, known as Walmex.
New store openings have also slowed since allegations emerged in 2012 that the retailer had bribed public officials to speed store openings in Mexico. Justice Department investigations into those allegations continue, while Walmex has stiffened its internal controls.
"The dual role of CEO for both Walmex and Walmart Latin America will give Enrique the unique ability to leverage our expertise and capability across nine markets, taking advantage of the growth opportunities that the whole region has to offer," David Cheesewright, CEO of Wal-Mart International, said in a statement.
Mr. Ostalé joined Wal-Mart in 2009 following the company's acquisition of Chilean retail chain D&S, which is now Wal-Mart Chile.
Write to Amy Guthrie at amy.guthrie@wsj.com
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