Home >Companies >Wal-Mart says David Cheesewright to head international business

Chicago: Wal-Mart Stores Inc., the world’s largest retailer, promoted David Cheesewright to president and chief executive officer of the international business as it struggles to ignite growth.

Cheesewright, 51, currently serves as president and CEO of the retailer’s Europe, Middle East and Africa and Canada regions, the Bentonville, Arkansas-based company said on Tuesday in a statement. He’ll start the new position on 1 February, the same day his predecessor, Doug McMillon, becomes the retailer’s CEO.

Wal-Mart has been accelerating its expansion in China and other emerging markets while probing allegations of bribery in Mexico and possible violations of the Foreign Corrupt Practices Act. The international business had $135.2 billion in revenue in Walmart’s previous fiscal year, about 29% of the company’s total sales.

Walmart was little changed on Monday at $79.95 in New York trading. The shares have gained 17% this year, compared with a 27% increase for the Standard & Poor’s 500 Index. BLOOMBERG

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