Walmart CEO Resigns

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VENTURES AFRICA – David Cheesewright, the president and CEO of Walmart International, the global retailer which acquired South Africa’s general retailer Massmart in a multi-billion dollar deal in 2011, has resigned with immediate effect.
Reasons for his departure were not disclosed. However, Cheesewright will be succeeded by Shelley Broader, Walmart said on Wednesday.
Broader will be in charge of Walmart’s retail operations and business development all over Europe, the Middle East, Sub-Saharan Africa and Canada.
Broader was previously CEO of Walmart Canada. She will also replace Cheesewright as a member of each of the nomination and remuneration committees.

Walmart is the world’s biggest retailer and gained its first footmark in Africa through the approval of its $2.4 billion bid for Massmart.
Walmart bought a 51 shareholding in Massmart, the JSE-listed general retailer, on the proviso that it did not sack any of its workers for two years. This was a call by the South African trade unions.
Massmart operates nine wholesale and retail chains with about 288 outlets in 14 African states. Walmart believes that South Africa could be a good springboard for growth and represents about 20 percent of consumer spending on the African continent.
But this could change as Africa’s middle class continues to grow with African economies growing faster than the South African economy.
Africa could act as a critical base for Walmart to pay more attention to other countries in the region.
It is understood that countries like Nigeria are fast-gaining allure because of the increasing wealth levels and swelling size of the middle class throughout Africa.