In the face of anemic sales, Wal-Mart U.S. CEO Bill Simon has resigned and will be replaced by Greg Foran, who previously headed the company’s Asian operations.
Simon will be available on a consulting basis for the next six months to ensure a seamless transition.
“It felt like the right time to move on and focus on my next opportunity,” he said in a statement.
Its most recent financial results showed Walmart’s U.S. comps flat for the year.
A 35-year retail veteran, Foran joined the company in October 2011, became president and CEO of Wal-Mart China in March 2012, and then took over the company’s entire Asian operations.
In a statement, Wal-Mart CEO Doug McMillon called Foran “one of the most talented retailers I’ve ever met.”
“Being asked to lead the Wal-Mart U.S. business is a privilege that I don’t take lightly,” Foran said in a statement. “The needs of our customers are changing dramatically, and we have an enormous opportunity to serve them in new and different ways.”
The company said it will announce Foran’s successor as president and CEO of Walmart Asia at a later date.