Walmart China restructures, cuts 30 executives

Walmart (NYSE:WMT) has dismissed 30 executives from its China division in an effort to streamline the business.

The move is "consistent with actions taken over the last several months," Walmart's China spokesman Ray Bracy told Bloomberg. A small number of employees have mutually agreed to leave the division.

The move comes amid a management shakeup in the United States, where Walmart less than 24 hours ago announced the exit of its U.S. merchandising chief, Duncan Mac Naughton. At one point, Mac Naughton was a potential successor to U.S. CEO Bill Simon when he announced he was leaving the company in July. However, the executive was passed over and Greg Foran, a New Zealander who was running the Asia division, was given the post.

In addition, the company reappointed Scott Price as its Asia chief earlier this month.

China is a big growth market for the big box retailer. Walmart announced last year that it plans to add as many as 110 stores over three years to the country, while shutting down some outlets and remodeling dozens of other stores.

Among the executives asked to leave include the VPs from Walmart China and Sam's Club China, according to employees who asked not to be named.

For more:
-See this Bloomberg article

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