Walmart India is elevating Sameer Aggarwal as head of its India operations in April, replacing Krish Iyer, the veteran who has been at the helm in the country for more than six years, said a person with direct knowledge of the matter.
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, two people said. A Walmart India spokesperson declined to comment on the changes.
This is the third promotion for Aggarwal since he was hired in April 2018 as chief strategy and administrative officer at Walmart India. He previously worked at Yum! Brands in Thailand and UK retailer Sainsbury’s in London.
Aggarwal was promoted to deputy CEO of Walmart India, which operates 28 Best Price cash-and-carry stores, in January. Walmart also owns Flipkart, India’s biggest online retailing platform.
ET reported in January that Aggarwal was tipped to take over the reins of Walmart’s flagship wholesale unit in the country in the coming months.
Aggarwal will take over from Iyer as Walmart India tries to find a viable business model for its loss-making wholesale venture.
Walmart India’s Best Price stores accumulated losses of ₹2,180.8 crore until March 2019. In the previous financial year, Walmart India posted sales of ₹4,095 crore and a net loss of ₹171.6 crore.
Rival Metro, which entered India in 2003, is the market leader in the segment with 27 stores and revenue exceeding ₹6,500 crore.
Source: Economic Times
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