Two senior executives at China’s Walmart (WMT.NYSE) operations quit, delivering a blow to the company as it faces increasing competition in the market, the Financial Times reported. The company reported that its chief financial offer in China, Roland Lawrence, and its chief operating officer, Rob Cissell, both quit “due to personal reasons and to explore other opportunities.” The firm did not immediately name their replacements. Walmart’s business in China, while still a fraction of its global total, has been growing at double digit rates, and the company hopes to offset stagnant performance in its home US market. However, the grocery market in China remains highly fragmented, and Walmart has been unable to increase its market share beyond 6% – roughly the same as its main foreign rival, Carrefour (CA.Euronext).
Categories