Skip to main content

Wal-Mart Taps Asia Chief as New CEO of U.S. Division










By Renee Dudley


 Jul 24, 2014 9:09 AM PT 






















July 24 (Bloomberg) -- Bloomberg’s Julie Hyman offers some background on the career of Greg Foran as he is named as Chief Executive Officer for U.S. stores at Wal-Mart and looks at why the retailer is making the change to replace Bill Simon. She speaks on “In The Loop.”








Wal-Mart Stores Inc. (WMT)’s Greg Foran, a fast-rising executive at the retailer’s Asia operations, will take over as head of its U.S. division for Bill Simon, who is leaving the company.






Foran, a 53-year-old New Zealander, will replace Simon as U.S. chief executive officer on Aug. 9, the Bentonville, Arkansas-based company said today in a statement. 




Foran had only served in his current role as head of the Asia business since June, when he was elevated from CEO of Wal-Mart China.





Simon, 54, had been a contender to be CEO of the whole company before Wal-Mart picked Doug McMillon as its next leader. 




McMillon, who took the top job in February, was closer to the Walton family, which controls most of Wal-Mart’s shares, people familiar with the situation have said. Simon will remain available as a consultant for the next six months to help with the transition, Wal-Mart said today.





“This felt like the right time to move on and focus on my next opportunity,”
Simon said in the statement.





Today’s move was set in motion by Simon being passed over for the CEO job and shoudn’t be interpreted as a change in strategy, said Bryan Gildenberg, an analyst at Kantar Retail.




 Wal-Mart first announced plans to elevate McMillon, 47, to the position in November. He replaced Mike Duke, 64, who retired.






Wal-Mart Stores Chief Executive Officer Mike Duke, left, and Chief Executive Officer of...Read More











Transition Completed


McMillon previously ran the international business, where he worked with Foran.




“Simon’s leaving is a natural completion of the McMillon/Duke CEO transition process rather than representative of a new shift in Wal-Mart’s direction,” Gildenberg said. “Foran is one of the many talented executives McMillon recruited and hired while running international that have taken on broader responsibility since his ascension.”




In taking over the U.S. division, Foran will oversee a much larger piece of the world’s largest retailer -- though one that’s contending with sluggish growth. The U.S. performance contributed to lower-than-projected sales and profit in Wal-Mart’s most recently reported quarter, which ended April 30. At the time, Wal-Mart also forecast second-quarter profit that missed estimates. Earnings will be $1.15 to $1.25 a share, compared with the $1.28 predicted by analysts.






Smaller Stores


Foran will be tasked with continuing Wal-Mart’s push into smaller-format stores -- an effort begun under Simon. The U.S. division also is trying to integrate its e-commerce business with brick-and-mortar sales.





For the new job, Foran will receive a salary of $950,000, along with an incentive plan earning him as much as 300 percent of that pay, or about $2.9 million. He also is eligible for an annual equity award with a target value of about $4.9 million, plus $1.63 million in restricted shares, and a $500,000 one-time cash payment.



 

Photographer: Jim Stem/Bloomberg


Bill Simon, president and chief executive officer of Wal-Mart U.S., at the Wal-Mart... Read More










Wal-Mart shares have declined 2.2 percent this year through yesterday. The stock fell almost 1 percent to $76.27 as of 11:36 a.m. today in New York.





Foran has more than 30 years of retail experience in operations, merchandising and marketing. He previously ran Woolworths Ltd. (WOW)’s supermarket division and held other senior roles at the Sydney-based company, including general manager of the Big W chain of discount stores.





Woolworths in Australia has a similar approach to retail as Wal-Mart, which made it easy for Foran to fit in at his current company, Gildenberg said.






China Management


Foran joined Wal-Mart in 2011 and became head of the China business in 2012. Foran was tapped for the Asia CEO job after revamping operations, pricing and product assortment in the Chinese stores. Wal-Mart said today it will announce its new Asia chief at a later date.




The reshuffling follows the appointment of a new chief for Walmart.com last month and the promotion of Canadian CEO Shelley Broader to a job overseeing Europe, the Middle East and sub-Saharan African in May.   











  

Source: Wal-Mart Stores Inc.
Wal-Mart Stores Inc.’s Greg Foran, 53, will take over as head of its U.S. division.








Last month, Wal-Mart also named board member Greg Penner to the new role of vice chairman, putting him in position to be a successor to Chairman Rob Walton. 




Penner, 44, is Walton’s son-in-law and has served on the board since 2008.





Simon, who ran the U.S. operation since June 2010, first joined Wal-Mart in 2006 from Brinker International Inc. (EAT), the restaurant chain that owns Chili’s. 




He also had served as secretary of the Florida Department of Management Services, appointed by then-Governor Jeb Bush.











To contact the reporter on this story: Renee Dudley in New York at rdudley6@bloomberg.net

To contact the editors responsible for this story: Nick Turner at nturner7@bloomberg.net Niamh Ring








http://www.bloomberg.com/news/2014-07-24/wal-mart-promotes-asia-chief-greg-foran-to-head-of-u-s-division.html





Popular posts from this blog

THE MOST SOUGHT AFTER MANGOES IN THE WORLD ....

While "Flavor" is very subjective, and each country that grows mangoes is very nationalistic, these are the mango varieties that are the most sought after around the world because of sweetnesss (Brix) and demand.

The Chaunsa has a Brix rating in the 22 degree level which is unheard of!
Carabao claims to be the sweetest mango in the world and was able to register this in the Guiness book of world records.
Perhaps it is time for a GLOBAL taste test ???





In alphabetical order by Country....










India




Alphonso





Alphonso (mango)
From Wikipedia, the free encyclopedia








Alphonso (हापुस Haapoos in Marathi, હાફુસ in Gujarati, ಆಪೂಸ್ Aapoos in Kannada) is a mango cultivar that is considered by many[who?] to be one of the best in terms of sweetness, richness and flavor. 


It has considerable shelf life of a week after it is ripe making it exportable. 

It is also one of the most expensive kinds of mango and is grown mainly in Kokan region of western India.

 It is in season April through May and the fruit wei…

INDIA 2016 : Mango production in state likely to take a hit this year

TNN | May 22, 2016, 12.32 PM IST






Mangaluru: Vagaries of nature is expected to take a toll on the production of King of Fruits - Mango - in Karnataka this year. A combination of failure of pre-monsoon showers at the flowering and growth stage and spike in temperature in mango growing belt of the state is expected to limit the total production of mango to an estimated 12 lakh tonnes in the current season as against 14 lakh tonnes in the last calendar year.



However, the good news for fruit lovers is that this could see price of mangoes across varieties decrease marginally by 2-3%. This is mainly on account of 'import' of the fruit from other mango-growing states in India, said M Kamalakshi Rajanna, chairperson, Karnataka State Mango Development and Marketing Corporation Ltd.




Karnataka is the third largest mango-growing state in India after Uttar Pradesh and Maharashtra.



Inaugurating a two-day Vasanthotsava organized by Shivarama Karantha Pilikula Nisargadhama and the Corporation at P…

MEET MELANIA TRUMP: The 5'11" supermodel married to Donald Trump

Aly Weisman, INSIDER

Sep. 2, 2015, 3:28 PM 











Chip Somodevilla/Getty Images







While Donald Trump loves to be the center of media attention, his third and current wife, Melania Trump, is a bit more camera shy.










The Slovenian-born model keeps a lower profile than her husband, doing philanthropy work, raising their son, working on a jewelry collection with QVC, and creating a $150-an-ounce caviar moisturizer.




With Trump on the campaign trail, Melania has stoically stood by his side.




But who exactly is Melania and where did she come from? Learn about Trump's other half here ...





Melania Knauss was born April 26, 1970, in Slovenia.




Wikimedia/Getty







The 5'11" brunette began her modeling career at 16, and signed with a modeling agency in Milan at 18.



Chris Hondros/Newsmakers via Getty









She took a break from modeling to get her degree in design and architecture at the University of Ljubljana in Slovenia.








Wikimedia/Getty

Source: MelaniaTrump.com









But after graduating, her modeling career took off and Me…