Walmex CEO Scot Rank, who has overseen Wal-Mart’s Mexican business unit for five years, will step down from that role at the end of this year. Rank will transition to vice-chairman of Wal-Mex effective Jan. 1, 2015.
Rank is not believed to be directly implicated in the ongoing bribery investigation and alleged violations of the Foreign Corrupt Practices Act.
David Cheesewright, CEO of Walmart International, said plans for the Mexican business include a rejuvenation as the growth in the market has slowed in recent years. A successor for Rank has not yet been named.