Dive Brief:
- Wal-Mart announced that the CEO of U.S. operations, Bill Simon, is retiring. He'll be replaced by Greg Foran.
- Foran is rising fast. He took over Wal-Mart's Asia operations in June, after running Wal-Mart's China business for two years.
- Foran brings considerable experience in the food business. The native New Zealander once ran the supermarket division of Australia's Woolworth Ltd., where he was noted for emphasizing fresh foods.
Dive Insight:
When Foran takes the helm on Aug. 9, his biggest challenge will be getting smaller. Wal-Mart is putting considerable effort into creating smaller-format stores that can function in the city and might attract urban millennials. It's a strategy that rival Target is also pursuing.
Interestingly, that's not unlike the challenge that Wal-Mart faced in China, where its stores today are about half the size they are in the West.