Inside This Issue - News
Walmart China gets new leader
February 20th, 2012
SHANGHAI – Walmart has named former Woolworths Ltd. executive Greg Foran to head its business in China.
Foran, an industry veteran but a relative newcomer to China, is taking over what many see as a strategically crucial business for the world’s biggest retailer as it faces tougher competition in the world’s fastest-growing major economy.
His appointment as president and chief executive officer of Walmart China caps a series of leadership changes at the unit, which has been tainted by food scandals, including a pork mislabelling issue last year that forced the company to temporarily shut a dozen stores in the central part of the country.
Foran, who joined Walmart in October, replaces Ed Chan, who stepped down in October. He is currently senior vice president of Walmart International, and starts his new role on March 1.
While some analysts have questioned the wisdom of putting a relative newcomer at the helm of the China operations as Walmart takes on fierce competition from both local and other global rivals, the company says it feels Foran is the right person to reverse Walmart’s fortunes in China.
"With his distinguished career in retail, Greg is uniquely qualified to lead our growing business in China," notes Scott Price, president and CEO of Walmart Asia and interim CEO for Walmart China. "I’m very pleased he is bringing his talents to help us continue Walmart’s expansion there and enhance our efforts to help Chinese customers save money so that they can live better."