News: Walmart India to name a new CEO, Krish Iyer to move to an advisory role

C-Suite

Walmart India to name a new CEO, Krish Iyer to move to an advisory role

Krish Iyer, currently president and CEO of Walmart India, will move to an advisory role within the company as his contract with the US giant is set to expire only next year.
Walmart India to name a new CEO, Krish Iyer to move to an advisory role

Sameer Aggarwal is most likely to replace Krish Iyer, the veteran who has been at the helm in the country for more than six years. As per the report, in April, Aggarwal will take up the role of the head of its India operations. 

This would be the third promotion for Aggarwal since he was hired in April 2018 as chief strategy and administrative officer at Walmart India. He has previously worked at Yum! Brands in Thailand and UK retailer Sainsbury's in London. A few months back, in January, Aggarwal was promoted to deputy CEO of Walmart India, which operates 28 Best Price cash-and-carry stores. 

Now as Walmart India tries to find a viable business model for its loss-making wholesale venture Aggarwal is expected to take over from Iyer. 

On the other hand, Iyer, currently president and CEO of Walmart India, will move to an advisory role within the company as his contract with the US giant is set to expire only next year, the report reveals. 

In January, Walmart also announced the layoffs of more than 100 senior executives including vice presidents across sourcing, agri-business and the fast-moving consumer goods (FMCG) divisions. The world’s largest retailer also plans to shut the Mumbai fulfilment centre, its largest warehouse, and halt new-store expansion in India.

Walmart India’s Best Price stores had incurred losses of Rs 2,180.8 Cr until March 2019. In the last fiscal year, Walmart India posted sales of Rs 4,095 crore with a net loss of Rs 171.6 crore. The retailer had also recently promoted Sameer Aggarwal to the position of Deputy Chief Executive Officer. This happens to be his second promotion in his almost two-year stint at the company. 

In January, in response to the layoff news, Iyer had then shared that the retailer is looking for ways to operate more efficiently, which requires it to review its corporate structure to ensure that it is organized in the right way.

"As part of this review, we have let go 56 of our associates across levels at the corporate office.  All of the 56 impacted associates (8 in the senior management and 48 in the middle/ lower management) have been offered enhanced severance benefits and outplacement services to support their transition,” said Iyer. 

Now as Aggarwal takes on the role from Iyer how he drives Walmart from the sluggish sales growth is to look forward to. Considering the recent outbreak of Coronavirus and its impact on businesses across sectors, Aggarwal will have newer and more challenges to deal with. 

Image Credits: Walmart.com

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Topics: C-Suite, #Appointments

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