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Walmart US promoting from within as CEO steps down

By
Andria Cheng
Published June 29, 2010, 6:23 p.m. ET

Wal-Mart Stores Inc. said Tuesday that Eduardo Castro-Wright is leaving his post as president and CEO of Walmart U.S., its largest sales division, and that his lieutenant Bill Simon will take over as the chain faces slowing sales and traffic.

Castro-Wright, 55, will remain on as vice chairman of Wal-Mart and will relocate to California to oversee its global sourcing as well as global e-commerce operations, the Bentonville, Ark.-based company said.

In a letter to employees, Castro-Wright said he’s moving to California so he can spend time with his wife, who recently had a heart transplant.

Simon, currently chief operating officer of Walmart U.S., will report directly to Mike Duke, the parent company’s chief executive.

Simon, who joined Wal-Mart in 2006 from restaurant operator Brinker International, helped Walmart U.S. launch its successful $4 program for commonly prescribed drugs and contributed to improving customer service through faster service and cleaner stores, the company said.

Still, he’s taking over the $258 billion unit — accounting for about 64 percent of the company’s total sales — at a time when persistently high unemployment as well as gasoline prices are pinching on business.

“We don’t believe the announcement indicates a shift in operating strategy,” said Credit Suisse analyst Michael Exstein.

Castro-Wright “has effected significant change in the Walmart U.S. division. Bill Simon appears to be the most sensible replacement. He has demonstrated the ability to be a strong operator,” Exstein said in a note to clients.

Walmart U.S. has lost some higher-income shoppers gained during the recession and is facing stronger competition from rivals including Target Corp. and Dollar General Corp., analysts have said.

The chain has been remodeling stores to make it easier and more pleasant to shop. It’s also cut prices on thousands of items and is bringing back some products to its U.S. store shelves after a move to narrow product assortment alienated shoppers who couldn’t find what they wanted — something Castro-Wright described as “self-inflicted pain” earlier this month at the Wal-Mart annual meeting.

The retailer ended last year with the slowest sales growth rate in at least five years, after comparable sales at both its U.S. Walmart and Sam’s Club chains declined for the first time during the same period.

Simon will assume his responsibilities immediately while Castro-Wright will be transitioning into his new duties through Aug. 1.