Wal-Mart.com CEO Joel Anderson to step down

Tue Jun 10, 2014 10:03am IST

A view of the Wal-Mart.com store at the Topanga Plaza in Canoga Park, California, November 8, 2011. REUTERS/Fred Prouser/Files

A view of the Wal-Mart.com store at the Topanga Plaza in Canoga Park, California, November 8, 2011.

Credit: Reuters/Fred Prouser/Files

Related Topics

Stocks

   

REUTERS - Wal-Mart Stores Inc said Joel Anderson, chief executive of its United States website, Walmart.com, would step down, at a time the company plans to speed up investments in technology to boost sales at its fast-growing e-commerce business.

Fernando Madeira, CEO of Latin America eCommerce at Wal-Mart, will replace Anderson, according to a company memo seen by Reuters.

Madeira will now relocate to San Bruno, California from Brazil to assume additional responsibility for Wal-Mart's U.S. markets, the memo said.

Anderson will take up a job at a different company, Wal-Mart spokesman Dan Toporek told Reuters in an email.

Wal-Mart appointed Gregory Penner vice chairman on Friday, showing that the world's largest retailer is looking at younger executives to revive its fortunes.

Penner is now in a position to succeed Chairman Rob Walton, his 69-year-old father-in-law.

Penner's appointment comes at a time when the company's U.S. same-store sales are falling and it is struggling to move past a bribery scandal at its Mexico unit that has cost it more than $500 million since 2012.

The company, in May, forecast a current-quarter profit that fell short of analysts' expectations, after quarterly sales grew at their slowest pace in nearly five years.

Wal-Mart is also facing increasing dissent from its employees who, backed by unions, are demanding higher wages, better benefits and more full-time jobs.

(Editing by Simon Jennings in Bangalore)

FILED UNDER:
  • Most Popular
  • Most Shared

GOOGLE

Tech Showcase

Antitrust Measure

Antitrust Measure

European Parliament may propose Google break-up in draft resolution.  Full Article 

Regulating Apps

Regulating Apps

Singapore to regulate taxi-booking apps Uber, GrabTaxi.  Full Article 

Aereo Bankrupt

Aereo Bankrupt

Aereo files for bankruptcy  Full Article 

Cyber Spying

Cyber Spying

U.S. accuses China of cyber spying on American companies  Full Article 

Tech Workers

Tech Workers

Obama's immigration tweaks leave Big Tech wanting more.  Full Article 

Net Neutrality

Net Neutrality

FCC chief says U.S. Internet rules must stand up to lawsuits  Full Article 

New Amazon Service

New Amazon Service

Amazon plans ad-supported video streaming service - NY post  Full Article 

Travel Technology

Travel Technology

Airlines eye tech partners to tap customer data  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage