While the world’s largest retail chain, with revenues of $473 billion, is calling it a promotion, experts said the group may be looking at a new growth strategy for Asia, through management changes.
Greg Foran, president and CEO of Walmart China, has been named president and CEO, Walmart Asia. He will be based at the Asia regional office in Hong Kong.
Foran, with 30 years in the retail sector, will also look at the group’s India plans.
Last year, Price had criticised India’s foreign investment policy for multi-brand retail, saying under the guidelines, it wasn’t feasible to roll out supermarket stores.
The group also severed ties with Indian partner Bharti Enterprises. Under Price as Asia head, the India CEO, Raj Jain, was replaced by Krish Iyer from Walmart International.
The company has been in the midst of investigations under the US’s Foreign Corrupt Practices Act (FCPA), leading to the suspension of various executives, including in India.
A few weeks ago, Price had said Walmart would open 50 cash-and-carry,
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