Wal-Mart U.S. CEO Bill Simon steps down 

Wal-Mart said Thursday that Greg Foran will replace Bill Simon as its U.S. CEO.

Simon has been in the role since June 2010 and will leave the company.

Wal-mart’s stock was down just under 1% to $76.30 in pre-market trading.

Foran will take over on August 9 and report directly to Wal-Mart President and CEO Doug McMillon. Simon will be available on a consulting basis for the next six months “to ensure a seamless transition,” the company said.

Walmart CEO Doug McMillon was appointed in February, making the change at the top of U.S. operations his first major appointment. Sales in the U.S. have been sluggish for Walmart, which reported its smallest growth in quarterly sales in nearly five years in May.

“Greg is one of the most talented retailers I’ve ever met. ” McMillon said in a press release. “His depth of knowledge and global experience will bring a fresh perspective to our business.”

McMillion also cited Foran’s “passion for fresh food, experience in general merchandise and commitment to e-commerce,” which he said will help the retailer better serve customers.

The company, like most retailers, blamed severe winter weather in the Northeast, which kept shoppers out of its stores. The company was hit harder than perhaps any retailers by the federal slash in Supplemental Nutrition Assistance Program benefits – also known as food stamps. At least 20% of Wal-Mart’s customers are on food stamps.

Foran is a 35-year retail veteran, Foran joined the company in October 2011 and became President and CEO of Wal-Mart China in March 2012.

Before Wal-Mart, Foran held a number of roles with Woolworths, the leading retailer in Australia and New Zealand.

Source: Usatoday

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