- Walmart India has elevated Sameer Aggarwal as CEO of its India operations in April, replacing Krish Iyer, the veteran who has been in the country’s helm for over six years
Walmart India has elevated Sameer Aggarwal as CEO India operations in April, replacing Krish Iyer, the veteran who has been in the country’s helm for over six years, a person with direct knowledge of the matter said.
Iyer, Walmart India’s current president, and CEO, will move on to an advisory role within the corporation as his contract with the US giant only expires next year, two people said.
This is Aggarwal’s third promotion since he was hired as Chief Strategy and Administrative Officer at Walmart India in April 2018. He had previously worked in London at Yum! Brands in Thailand and at UK retailer Sainsbury’s.
In January, Aggarwal was promoted to Walmart India’s deputy CEO, which runs 28 Best Quality cash-and-carry stores. Walmart owns also Flipkart, India’s largest online shopping website.
ET announced in January that Aggarwal was being tipped in the coming months to take over the reins of Walmart’s flagship wholesale unit in the region.
Aggarwal will take over from Iyer as Walmart India tries to find a viable business model for its wholesale loss-making company.
The Best Price stores in Walmart India incurred losses of some 2,180.8 crores until March 2019. Walmart India reported revenue of some 4,095 crores in the previous financial year and a net loss of some 171.6 crores.
With 27 stores and revenue approaching 6,500 crores, Rival Metro, which entered India in 2003, is the market leader in the sector.
US retail giant Walmart reported in February that over the quarter ended January 31, e-commerce contributed 12 percent to its international sales, led by Flipkart and online grocery delivery in several markets.
The company said in its fourth-quarter earnings report that international sales had risen by 2.3 percent to $33 billion, following a Chilean interruption that negatively affected $110 million in operating income. “We are still excited about the chance we have there (in India). The way Flipkart and PhonePe are scaling is incredible, “Walmart’s CEO Doug McMillon said to investors and analysts in his post-earnings presentation.
Iyer, who has been with Walmart for over seven years, helped expand his wholesale business in India first as Senior VP with Walmart International and then with Walmart India as President and CEO for about six years. “Sameer is expected to help grow the Indian Walmart market rapidly,” a senior executive said.