The CEO of Wal-Mart’s domestic operations is stepping down. The Arkansas-based retailer announced Thursday that Bill Simon will resign August 8th. He's being replaced by Greg Foran, who is head of the company’s Asia division.
As Arkansas Business reporter Lance Turner explains, after four years in the position, Simon leaves behind a mixed record.
Bill Simon had been instrumental in a lot of big efforts that Wal-Mart has undertaken domestically in recent years. Among them is the $4 prescription offerings, the move toward lowering health care costs on the retailer's shelves, and also a move toward smaller stores. Wal-Mart is moving away from having these giant supercenters into some stores that have a smaller footprint.
Even still, it has been tough for Wal-Mart on the U.S. front. Its stores here at home have been underperforming over the last several quarters. In fact, by Wal-Mart's most recent annual meeting, which took place in June, Wal-Mart had recorded its fifth straight same store sales decline here in the United States. Its been mainly international business that has kept Wal-Mart doing well as the business at home has been tough.
After Simon steps down next month, he will serve in a consulting during the following six months, which the company says will "ensure a smooth transition."