Wal-Mart makes exec changes |
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Fri, 30 Mar 2007 22:44
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NEW YORK (AP) - Wal-Mart Stores Inc. announced late Friday that Vice Chairman John Menzer will assume the additional responsibilities of chief administrative officer, a new title.'This will enable John to take a more active role in global procurement, an area of increasing strategic importance which John assumed in January,' said Lee Scott, president and chief executive of Wal-Mart Stores, Inc. in a statement. 'He will play a critical role in leading our global procurement efforts which are key to improving the customer experience around the world through better merchandise and lower prices.'Menzer will also focus his time on expanding the company's growing financial services businesses. In mid-March, the retailer, bombarded by a phalanx of opponents from big banks to unions, withdrew a bid for a banking license but vowed it would find other ways to serve customers' financial needs.Wal-Mart also announced that Eduardo Castro-Wright, president and CEO of Wal-Mart Stores USA, will now report to directly to Scott. Castro-Wright had previously reported to Menzer.With the move, all three of the company's operating divisions -- Wal-Mart, Sam's Club and International -- will report directly to Scott, the company said.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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