Wal-Mart Vice Chair Menzer to Retire on March 1
By Staff -- Home Textiles Today, 1/28/2008 12:00:00 AM
Bentonville, Ark. —
Wal-Mart Stores vice chairman John Menzer, who joined the company as cfo in 1995, will retire on March 1; "his current responsibilities will be assumed by other leaders in the company," Wal-Mart said.
Wal-Mart president and ceo Lee Scott said Menzer "is probably best known for transforming Wal-Mart International into a well-organized, fast-growing and profitable business. But he is also a talented corporate strategist and I personally have found him to be a valued business counselor."
Menzer was promoted to president and ceo of Wal-Mart International in 1999, and thereafter led the purchase of ASDA in the U. K. and several other acquisitions in Mexico, Brazil, Central America and Japan. Under his leadership, international sales grew from $20 billion to $60 billion. He was promoted to vice chairman in 2005.The company said it will now "move major support functions into the individual businesses to achieve tighter focus, alignment and accountability."
Specifically, the logistics and real estate divisions will be assumed by Eduardo Castro-Wright, president and ceo of Wal-Mart Stores U. S.; information systems will report directly to Scott; and vice chairman Mike Duke will oversee global procurement.
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