Struggling US retail giant Wal-Mart has appointed expatriate New Zealander Greg Foran chief executive of its US operations.
Mr Foran, who was once overlooked for the top job at Woolworths in Australia and then quit, replaces Wal-Mart’s US head, Bill Simon.
The promotion comes only two months after Mr Foran became chief of Wal-Mart’s Asia region.
He quit his position at Woolworths as head of the supermarket business when he missed out on the top job.
Starting out as a lowly shelf–stacker in Hamilton, Mr Foran proves the progression ladder is still operating in some ways. He has held various other senior roles at Woolworths, including general manager of the division Big W and Dick Smiths.
Mr Foran, 53, is expected to receive a $US950,000 salary for the position, the company said in a filing. He could also get up to $US4.9 million in stock options early next year should the company reverse its recent downturn.
The US side of the Wal-Mart business accounts for about 60% of the company’s total revenue.
But Mr Foran’s appointment comes at a sluggish time for the retailer. It has tried to retain the discount company’s traditional low-income customers in an increasingly competitive marketplace.
In the first quarter of 2014, Wal-Mart announced the weakest sakes growth in five years with the full-year forecast disappointing investors, according to Reuters.
Wal-Mart’s stock fell 1.6% in the year to Wednesday, while the Dow Jones Industrial Average has risen around 10%,
It also received the lowest rating among supermarkets according to a recent Consumer Reports survey. Shoppers complain about Wal-Mart’s confusing pricing and store layouts.
Mr Foran starts his job on August 9.
This article is tagged with the following keywords. Find out more about MyNBR Tags
- NZ dollar gains as upbeat data across Asia spurs US dollar selling
- MARKET CLOSE: Shares rise as Trade Me gains, F&P reaches record; A2 Milk falls
- Opportunity to own a slice of prehistoric New Zealand
- Will Hellaby's lumpy contract oil and gas business finally deliver?
- Costly court forgery for twice-bankrupted property developer
Most listened to
- Hellaby’s oil & gas services business could deliver this year, says new managing director Alan Clarke
- Hamish McNicol talks about Yoghurt Story
- TrueNet's John Butt on internet speeds
- Snakk Media chief executive Mark Ryan wonders how to "move the needle" on Snakk's share price
- Head-to-head: Federated Farmers director Katie Milne and SAFE executive director Hans kriek debate dairy industry's treatment of bobby calves