By Amy Guthrie
MEXICO CITY-- Wal-Mart Stores Inc.'s Mexican unit said Monday
that its chief financial officer of 17 years will retire in July,
making him Wal-Mart de Mexico's second top-tier executive to exit
this year.
Chief Financial Officer Rafael Matute, who has worked at the
retailer for 28 years, will be replaced by Wal-Mart Latin America
CFO Pedro Farah, the unit known as Walmex said in a statement.
Earlier this year, in January, Walmex Chairman Enrique Ostalé
replaced Scot Rank as CEO of the company. Mr. Rank took a job as
CEO of Mexican dairy giant Grupo Lala.
Walmex accounts for around 6% of Wal-Mart's annual global sales
and is one of the Bentonville, Ark., company's biggest overseas
operations.
The unit failed to grow same-store sales last year in Mexico,
its main market, amid sluggish consumer spending and a weak
economy. Walmex has also struggled to turn around its Sam's Club
business in the country.
Write to Amy Guthrie at amy.guthrie@wsj.com
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