Wal-Mart India CEO Quits Seven Months After CFO Suspended

Raj Jain, CEO of Bharti Walmart, has left the company after heading the retail store for nearly six years in India.

 

The Indian unit of Wal-Mart Stores Inc. (WMT), which has been in the midst of government and internal investigations, announced in an e-mailed statement that Jain is "no longer" with the company.

 

Ramnik Narsey, senior vice president for Walmart International, will serve as interim leader for India.Jain left the company seven months after Pankaj Madan, chief financial officer of the Indian unit, was suspended. Madan remains on leave from Bharti Walmart.

 

The Indian unit of the Bentonville, Arkansas-based company has been under probe for allegedly violating the Foreign Corrupt Practices Act.

 

India in September opened up its retail market to allow foreign companies to own as much as 51 percent of local ventures that sell more than one brand. Overseas brands such as Wal-Mart had been banned from the supermarket industry until then.

 

Wal-Mart has spent $157 million on probes of bribery allegations in its international operations and the cost is expected to escalate as the investigations continue. Apart from India, the company is investigating possible violations of the Foreign Corrupt Practices Act in Brazil, China and Mexico.

 

Wal-Mart owns a 50 percent stake in the wholesale-venture with Bharti which operates 20 cash and carry stores in the country.

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