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UPDATE 1-Wal-Mart hires exec to eye Russia opportunities
April 14, 2008 / 12:34 PM / 10 years ago

UPDATE 1-Wal-Mart hires exec to eye Russia opportunities

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NEW YORK, April 14 (Reuters) - Wal-Mart Stores Inc (WMT.N) said on Monday it appointed Stephan Fanderl to head the discount retailer’s efforts to explore business opportunities in Russia and neighboring markets.

The world’s largest retailer, which operates in 13 markets outside the continental United States and has announced a joint venture with India’s Bharti Enterprises for a wholesale cash-and-carry operation, has said publicly it is interested in expanding into Russia.

Chief Executive Lee Scott said at the company’s analyst meeting in October that Wal-Mart hoped to be in that country “at some point in the future.”

Scott called Russia a “growing consumer nation.” He said consumers there have shown a propensity to spend while in other developing countries they tend to save.

Wal-Mart said Fanderl, who was named president of Wal-Mart Emerging Markets -- East, previously worked at the Rewe Group, a German retailer and travel company.

Prior to working at Rewe, Wal-Mart said Fanderl held roles with Metro Holding AG in Germany and Poland and Kienbaum Consultants International GmbH. (Reporting by Nicole Maestri, editing by Mark Porter)

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