Walmart Stores has appointed Krish Iyer as president and CEO of Walmart India. Iyer, who replaces Ramnik Narsey, the interim CEO, will assume responsibilities from January 20. Narsey, meanwhile, has been promoted as senior vice-president, Walmart International. Iyer will report to Scott Price, president and CEO, Walmart Asia, while Narsey will work under Walmart International's new president and CEO, David Cheesewright.
Iyer comments, "It is an honour to be named to this role and to have the opportunity to continue to develop Walmart's business in India. Through Walmart's investment here, including our cash and carry business, supply chain infrastructure, direct farm programme and supplier development, we want to serve India and its people, and continue to make important social and environmental contributions to the country."
Iyer, who is from Mumbai, came on board the US-based retail chain last year. He joined as senior vice-president, Walmart International. Before that, Iyer was with AS Watson Group, the international health, beauty and lifestyle retailer, as managing director for Thailand, Taiwan and the Philippines and regional business development director and regional director for Asia and Eastern Europe. He was with the company for six years. Iyer has also worked with Piramyd Retail, where he held the post of managing director and CEO.
A chartered accountant, Iyer graduated with honours in commerce and economics from the University of Mumbai.
Walmart Stores is one of the largest retail chains globally. Besides brick and mortar stores, it facilitates shopping through online as well as mobile phones. The company claims that more than 245 million customers visit its vast network of stores. Present in 27 countries, Walmart has 11.096 stores under 69 banners. It also has e-commerce websites in 10 countries.
In India, Walmart has been facing a lot of problems. More recently, in October, the international chain broke up the joint venture with its Indian associate Bharti Enterprises. The two companies had come together to form Bharti Walmart in 2007. Bharti Walmart then set up Best Price Modern Wholesale B2B stores in North Indian towns. In June, Walmart India's CEO Raj Jain quit the company after government and internal investigations. The company also suspended some of its associates, while investigating bribery charges last year.