Wal-Mart names new head for India business

MUMBAI Fri Dec 13, 2013 12:53am EST

MUMBAI Dec 13 (Reuters) - Wal-Mart Stores Inc, the world's largest retailer, on Friday named Krish Iyer as the new president and chief executive officer of its Indian unit, effective Jan. 20.

Iyer will replace Ramnik Narsey, who was appointed interim head of Wal-Mart India in June after the departure of Raj Jain, its long-serving country head.

Iyer joined Wal-Mart's international unit in 2012 as a senior vice-president.

Bentonville, Arkansas-based Wal-Mart, which focuses on wholesale business in India, earlier called off its Indian joint venture with Bharti Enterprises in October.

Late last year, the Indian joint venture suspended employees, including the chief financial officer, as part of an internal investigation into bribery allegations in India and subsequently brought in a team of lawyers from a U.S. firm to strengthen compliance.

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