Walmart promotes CEO of Sam's Club to head International division
investing.comBy Siddharth Cavale and Ananya Mariam Rajesh
(Reuters) -Walmart Inc on Wednesday promoted Kathryn McLay, CEO of its Sam's Club unit, to head its $100 billion international business at a time when high inflation is squeezing spending in many global markets and China's economy is slowing.
McLay, a 49-year-old Australian considered a star within the U.S. company's ranks, will take over the division on Sept. 11, succeeding Judith McKenna, who is retiring after 27 years with the company.
McLay, who joined Walmart (NYSE:WMT) in 2015, will run an international business that spans 19 countries, including China, where slowing economic growth has raised global concerns and sales in the hypermarket sector are falling as purchases shift online.
In some of Walmart's other big international markets like Mexico and South Africa, structural problems exacerbated by the pandemic have dampened consumer sentiment.
Despite these challenges, Walmart International has performed strongly under McKenna's leadership, under which it exited poorly performing operations in Japan, Britain, Argentina and Brazil.
In its most recent fiscal year ended Jan. 31, the unit generated flat sales of $100.1 billion, or 17% of Walmart's annual revenue, despite the market exits, in part due to strong sales from its Flipkart and PhonePe business in India and Sam's Club operations in China.
In April, McKenna laid out plans to double the international unit's sales over the next five years.
McKenna has led Walmart International since 2018, overseeing a multi-year transformation that resulted in the unit delivering more growth and stronger financial results across the board, Walmart CEO Doug McMillon wrote in a memo to employees.
GOOD TRACK RECORD
McLay, a former
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