Head Of Walmart India Resigns
by June 26, 2013 9:25 am 81 views
Some seven months after Wal-Mart Stores Inc. suspended executives within its Bharti joint venture, the head of the company’s Indian operations has resigned.
Wal-Mart confirmed Raj Jain, CEO of Bharti Walmart, is “no longer” with the company. Jain spent six years at that post and had seven total years at the retailer.
Ramnik Narsey, senior vice president for Walmart International, will serve as interim leader for India. He joined Wal-Mart just last month, after serving as CEO and chairman for Woolworths India.
The management shake-up adds to pressures in the Indian market, as it is one of four under investigations for possible violations of the Foreign Corrupt Practices Act.
Indian news sources report the Enforcement Directorate continues to probe an investment made by Walmart in Cedar Support Services Ltd, a subsidiary of Bharti Ventures, for alleged “illegal” investments and flouting strict government regulations.
Bharti Enterprises has rejected the allegations that it had violated any rule in this regard.
Officials with Wal-Mart have said the retailer is committed to full cooperation with government investigations and has invested time and resources of its own to step up compliance efforts throughout the world.