Walmart Makes Abrupt CEO Switch

National retail chain Walmart announced yesterday that CEO Bill Simon is “transitioning out of the company,” and will be succeeded by Greg Foran as the head of Walmart U.S. Previously, Foran was president and CEO of Walmart Asia – a position he was only appointed to earlier this year.

According to a company press release, Simon will be available on a consulting basis for the next six months to ensure a seamless transition as Foran adjusts to being president and CEO. Details were not specified about why Simon was leaving the company, but the move comes just weeks after Simon made “fairly dire comments” about consumers and the economy in a CNBC interview, according to USA Today.

“Greg is one of the most talented retailers I’ve ever met. His depth of knowledge and global experience will bring a fresh perspective to our business,” Walmart president and CEO Doug McMillon said in a statement. “His passion for fresh food, experience in general merchandise and commitment to e-commerce will help us serve our customers even more effectively for years to come.”

While heading Walmart U.S., Simon led a turnaround that refocused the company’s vision on “everyday low costs, everyday low prices and an increased product assortment,” according to the company statement.

“It’s been an honor to work for Walmart over the past eight years, and this felt like the right time to move on and focus on my next opportunity,” Simon said in a statement. “I look forward to helping the company as much as I can over the next six months.”

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