Walmart names Greg Foran as new China CEO
Wal-Mart Stores Inc said today it has named Walmart executive Greg Foran as the president and chief executive of Walmart China, capping a series of leadership changes at the China unit tainted by food scandals.business Updated: Feb 07, 2012 07:44 IST
Wal-Mart Stores Inc said on Tuesday it has named Walmart executive Greg Foran as the president and chief executive of Walmart China, capping a series of leadership changes at the China unit tainted by food scandals.
Foran was chosen to replace Ed Chan, who stepped down in October 2011 after a pork mislabelling scandal that forced the company to shut a dozen stores in central China.
The Chinese city of Chongqing penalised Walmart after the firm was found to have mislabelled some pork as organic at a couple of its stores. Authorities said the pork scandal was the latest in a string of 21 violations dating back to 2006.
Walmart had also suffered a series of high level personnel losses last year, after its China chief financial officer and chief operating officer left in May leaving a leadership vacuum.
Foran is currently serving as Walmart's senior vice president for Walmart International and will start his new role on March 1, the company said in a statement.
Walmart troubles in China reflect the retail giant's struggles in a complex market where rapid expansion and a cumbersome takeover has marred profit and growth.