Wal-Mart names new CEO for India unit

Wal-Mart Stores Inc. named Krish Iyer as the new CEO and president of its Indian unit, effective January 20. He replaces Ramnik Narsey, who served in the interim since June, after the departure of Raj Jain, who headed up Wal-Mart’s business venture with Bharti.

This is the second announcement this week of management promotions within Walmart International. On Tuesday (Dec. 10) David Cheesewright was named the new CEO of Walmart International. He will step into that role on Feb. 1 when Doug McMillon takes the reigns from the retiring Mike Duke.

Iyer joined Walmart International unit in 2012 as a senior vice-president. In October Wal-Mart announced it was dissolving it joint venture with Bharti and moving ahead on its own.

Late last year, Walmart Bharti suspended several employees, including the chief financial officer, as part of an internal investigation into bribery allegations in India.

Wal-Mart continues work with federal regulators regarding the Federal Corrupt Practice Act allegations and has stepped up its own internal compliance protocol.