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Audemars Piguet Reclaims Historic Pocket Watch at AuctionIt purchased the “Grosse Pièce,” an ultra-complicated Audemars Piguet pocket watch from the ‘20s, for a record-breaking price at Sotheby’s.
MajorsJul 23, 2014
Walmart’s US CEO stepping down
Walmart announced Thursday that Greg Foran will be the new president and CEO of Walmart U.S. effective Aug. 9 replacing Bill Simon who is “transitioning out of the company.”
Greg Foran
Bentonville, Ark.--Walmart announced Thursday that Greg Foran will be the new president and CEO of Walmart U.S. effective Aug. 9 replacing Bill Simon who is “transitioning out of the company.”
Simon has headed Walmart’s U.S. operations since 2010. He was passed over for the job of Walmart president and CEO when it was announced Mike Duke was retiring, and the retailer has been struggling with sales in the U.S. during his tenure. The retailer’s most recent U.S. results showed that it experienced a flat first quarter.
A 35-year retail veteran, Foran, 53, will report directly to Walmart President and CEO Doug McMillon, who became CEO in February.
He joined Walmart in 2011 and became president and CEO of Walmart China in March 2012.
Foran was promoted to president and CEO of Walmart Asia earlier this year; Walmart said it will announce Foran’s successor in this position at a later date.
Prior to joining Walmart, Foran held a number of positions with Woolworths, including managing director of supermarkets, liquor and petrol with responsibility for more than $40 billion in sales. He also served as general manager of Big W, Woolworths’s discount store business, and general manager of Dick Smith Electronics.
“(Foran’s) depth of knowledge and global experience will bring a fresh perspective to our business, McMillon said. “His … experience in general merchandise and commitment to e-commerce will help us serve our customers even more effectively for years to come.”
Outgoing president and CEO Simon will be available to Walmart on a consulting basis for the next six months to ensure a seamless transition, the company said.
“The needs of our customers are changing dramatically and we have an enormous opportunity to serve them in new and different ways,” Foran said.
Walmart remains one of the largest sellers of fine jewelry in the United States, with sales volume on the level of the large specialty jewelry chains such as Sterling Jewelers (Kay Jewelers, Jared the Gallery of Jewelry) and Zale Corp.
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