Wal-Mart de Mexico CEO Scot Rank Stepping Down
MEXICO CITY, MEXICO – Scot Rank, CEO of Wal-Mart de Mexico, announced that he is stepping down after five years.
According to Reuters, Mexico’s largest retailer is giving certain executive responsibilities to Wal-Mart de Mexico, also known as Walmex, Chairman and Wal-Mart Latin America CEO, Enrique Ostale after the company reported an 8% decrease in Q3 profit.
“These changes will allow us to build on the efforts that Scot has made for our company to be more simple, quick and client-focused,” Ostale said in a webcast.
According to Walmex, the company’s weak Q3 results came from poor performance at its Sam’s Club division and the effects of Hurricane Odile. Despite the dip in profit, Walmex saw a 4.3% increase in revenue.
The company will be announcing a new Walmex CEO at a later date.
Best of luck in your future endeavors, Scot!
