Wal-Mart Stores Inc. revealed in a memo that it appointed Mr. Fernando Madeira, who is the head of its division in Latin America, for a Chief Executive Officer of its e-commerce unit Walmart.com. The e-commerce division is one of the major tools that the company uses in its battle against Amazon.com Inc.
The Chief Executive Officer of global e-commerce – Mr. Neil Ashe said in the companys memo, which was cited by Bloomberg: “Weve seen Brazil grow twice as fast as the market, while increasing traffic fourfold. In other markets, theyve leveraged sales and marketing efforts, driving triple-digit growth in Argentina, Chile and Mexico.”
According to the companys memo, Mr. Fernando Madeira is going to replace Mr. Joel Anderson, who is departing from Wal-Mart Stores Inc. and is going to serve as a lead of Walmart.com in the U.S., Latin America and other growth areas. The last day of Mr. Anderson in Wal-Mart is June 20th. According to Bloomberg, he is leaving to become a president of teen retailer Five Below Inc.
The change of the units CEO comes after a year, in which the online sales of the company increased by 30% and reached 10 billion dollars, as reported by Internet Retailer. The total revenue of Wal-Mart, which is currently the fourth-biggest online retailer after Amazon.com Inc., Apple Inc. and Staples Inc. is said to amount to 476 billion dollars.
In May, the company projected a profit for the current quarter that missed analysts estimates, as Wal-Marts quarterly sales reached their slowest growth in about five years. The company also explained that its same-store sales in the U.S. are declining, which is why it considers there is a need of changing its growth strategy.
Wal-Mart Stores Inc. was 0.26% down to close at 77.01 dollars per share yesterday, marking a one-year change of +0.89%. According to the information published on CNN Money, the 21 analysts offering 12-month price forecasts for Wal-Mart Stores Inc. have a median target of 83.00, with a high estimate of 90.00 and a low estimate of 66.00. The median estimate represents a +7.78% increase from the last price of 77.01.
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