Wal-Mart Stores, Inc.
) recently announced the appointment of David Cheesewright as the
president and chief executive officer (CEO) of its Walmart
Cheesewright, currently serving as the head of Walmart's
Europe, Middle East and Africa (EMEA) and Canada region, will
succeed Doug McMillon, who was named CEO of Walmart on Nov 25.
McMillon succeeded Mike Duke and will join the company's board
effective immediately, whereas Duke will continue to serve as the
chairman of the board executive committee and will stay as an
advisor to McMillon for one year. Both Cheesewright and McMillon
will assume their positions on Feb 1, 2014. Walmart will announce
the successor of Cheesewright later.
Cheesewright, aged 51, has been associated with the company
since 1999 and has more than 25 years of experience across the
international retail and manufacturing sectors. He has in-depth
understanding of the company's business segments. He also has
leadership experience in the company as he has served as the
chief operating officer for both Walmart Canada and Asda
(Walmart's UK operations). Before joining Walmart, Cheesewright
held leadership positions with Mars Confectionery in the United
Cheesewright, as the CEO of Walmart International, is expected
to employ better strategies according to the changing demand
scenario in order to revive performance in some overseas markets
where it has stumbled.
The company has a significant exposure in the international
markets, which makes it the largest retailer in the world. The
company has approximately 8,500 stores in 15 countries, under 55
different names. Walmart also continues to expand internationally
especially in the emerging markets through accretive
acquisitions, new store growth and positive comparable store
sales. However, Walmart has been witnessing sluggish growth in
the past few quarters owing to difficult economic environment and
changing consumer behavior. The economic strains in the U.S. and
abroad are likely to pressurize low-income shoppers for the rest
of fiscal 2014.
Walmart carries a Zacks Rank #3 (Hold). Better ranked
Harris Teeter Supermarkets Inc
TJX Companies Inc
), all with a Zacks Rank #2 (Buy).
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