 "Krish Iyer named Walmart India president & chief executive")
Iyer will report to Walmart Asia regional president and CEO Scott Price.
Unlike the June announcement on Jain’s exit, which was made in a ceremonious town hall meeting called by Price at the Gurgaon office, Iyer’s elevation was done through an e-mailed statement.
Narsey has been redesignated senior vice-president, Walmart International. He will report to David Cheesewright, the new president and CEO for the company’s international business.
In a statement on Friday, Scott Price said, “Krish will be responsible for leading the growth and success of our India operations, while also continuing to develop our future retail strategy there.” He added Krish’s knowledge “of our business, combined with his understanding of the Indian market and culture, make him a natural fit for this role. I would like to personally appreciate Ramnik and acknowledge his leadership of our India business, as we worked to develop our current business plan.”
Iyer said, “It is an honour to be named to this role and to have the opportunity to continue to develop Walmart’s business in India.”
Iyer’s appointment is part of a major senior-level reshuffle at Walmart, amid a challenging sales environment in the sector. Recently, Doug McMillon, head of Walmart’s international business, was named group CEO, replacing Mike Duke, who was to retire. Duke will continue to be chairman of the board’s executive committee. Cheesewright, who has been leading the company’s Europe, West Asia and Africa businesses, will now be the international head, replacing McMillon.
| A CONSTANT CHANGE OF GUARD |
| GLOBAL Nov 2013: Doug McMillon, head of Walmart’s international business, was named as the group CEO to replace Mike Duke Duke has been under pressure for disappointing sales results. His exit is also being linked to the controversy around the bribery scandal at the Mexico operation, as Duke was made the international head when the allegation surfaced in 2005 Nov 2013: David Cheesewright, who has been leading the Europe, Middle East and Africa business, would now be the international head Focus is increasingly on getting the best out of the international business. This segment contributes the most to the company’s growth INDIA June 2013: Walmart India head Raj Jain’s exit announced without giving any reason. Newcomer Ramnik Narsey made interim head Dec 2013: Krish Iyer, a retail veteran, named India head. This comes two months after separation of JV between Walmart and Bharti group Dec 2013: Ramnik Narsey redesignated as senior vice-president Walmart International These developments are in the backdrop of an investigation into alleged violation of the Foreign Corrupt Practices Act. Earlier, CFO Pankaj Madan and several other executives were put on suspension over the issue CHINA Oct 2011: Walmart China CEO Ed Chan stepped down. Asia head Scott Price was named interim head of China operation too Feb 2012: Greg Foran, senior vice-president, Walmart International, was appointed president and CEO, Walmart China Mislabelling of regular pork as organic pork was said to be a trigger for the changes MEXICO Jan 2013: Eduardo Solorzano steps down as Walmart Latam president and CEO. He remains chairman, board of director, Walmart Mexico. Till 2009, he was president and CEO, Walmart Mexico Jan 2013: Enrique Ostale takes over as Walmart Latam head. The company has been under scrutiny for trying to stifle a probe into the Mexican bribery scandal |
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Iyer joined Walmart International as senior vice-president in 2012. Earlier, he spent six years with AS Watson Group, a retailer focused on health, beauty and lifestyle, as managing director in Thailand, Taiwan and the Philippines and regional business development director and regional director for store design and development (Asia and eastern Europe). Before that, he was managing director and CEO, Piramyd Retail Ltd.
In October this year, Walmart and Bharti had parted ways in their cash-and-carry venture. While the two were expected to start a retail business together in India, no application in this regard had been filed even after a year of the Cabinet approving a 51 per cent cap on foreign direct investment in the multi-brand retail sector. Walmart, which held a slightly higher stake in cash-and-carry business Best Price Modern Wholesale, will now run it on its own, while Bharti will operate the fully-owned EasyDay.
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Late last year, Walmart’s expansion was halted due to internal investigations related to the implementation of the US FCPA (Foreign Corrupt Practices Act). The group has 20 cash-and-carry, or wholesale, stores in India; the last was opened in Bhopal in October 2012.