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Walmart US CEO Resigns

Walmart announced Thursday that its U.S. CEO Bill Simon is stepping down after three years at the helm. Gregory Foran, the head of the company’s Asia operations, will replace him.

Simon, who has been in this role since June 2010, will stay on as a consultant for the next six months to smooth the transition.

Since mid-2010, Walmart’s U.S. business has struggled to deliver positive comparable sales, despite introducing new concepts like smaller stores and offering shoppers more healthy food options.

Foran joined Walmart in October 2011 and became president and CEO of the China division in March 2012. He helped further Walmart China by leading strategic investments in the supply chain and improving the store portfolio. The company will announce Foran’s successor as president and CEO of Walmart Asia at a later date.

Prior to working with Walmart, Foran held a number of roles with Woolworths. He served as the managing director of supermarkets, liquor and petrol with responsibility for more than $40 billion in sales at that time. Under Foran’s leadership, the business grew sales and market share in a strong competitive market.

In a company statement, Foran said, “Being asked to lead the Walmart U.S. business is a privilege that I don’t take lightly. I am excited to get started. The needs of our customers are changing dramatically and we have an enormous opportunity to serve them in new and different ways. We must be fierce advocates for our customers, work meticulously to exceed their expectations and earn their trust every day.”