Cheesewright currently serves as president and CEO of Walmart’s Europe, Middle East and Africa and Canada regions
David Cheesewright will start the new position on 1 February, the same
day his predecessor, Doug McMillon, becomes the retailer’s CEO.
Chicago: Wal-Mart Stores Inc., the world’s largest retailer, promoted David Cheesewright to president and chief executive officer of the international business as it struggles to ignite growth.
Cheesewright, 51, currently serves as president and CEO of the
retailer’s Europe, Middle East and Africa and Canada regions, the
Bentonville, Arkansas-based company said on Tuesday in a statement.
He’ll start the new position on 1 February, the same day his
predecessor, Doug McMillon, becomes the retailer’s CEO.
Wal-Mart has been accelerating its expansion in China and
other emerging markets while probing allegations of bribery in Mexico
and possible violations of the Foreign Corrupt Practices Act. The
international business had $135.2 billion in revenue in Walmart’s
previous fiscal year, about 29% of the company’s total sales.
Walmart was little changed on Monday at $79.95 in New
York trading. The shares have gained 17% this year, compared with a 27%
increase for the Standard & Poor’s 500 Index. BLOOMBERG
LALIT SHARMA
PGDM 2nd YEAR
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