INDIA: Bharti Retail appoints Wal-Mart exec Jain as CEO
Bharti Retail has appointed the former head of Wal-Mart India, Raj Jain, as its CEO.
Jain has taken up the role with immediate effect, reporting to Rajan Bharti Mittal, vice chairman and managing director of parent company Bharti Enterprises.
The retailer has also appointed Pankaj Madan as CFO. The executive was suspended from Bharti Wal-Mart in 2012 in the wake of investigations of corruption allegations by Wal-Mart.
Bharti Enterprises and Wal-Mart parted ways to in October last year to operate retail stores independently in India, ending speculation over the future of their six-year partnership.
Commenting on the appointments, Mittal said: "Bharti is committed to building a world-class retail venture and we are delighted to have Raj and Pankaj on board. I am confident that their rich experience and insights into the retail business will add immense value to company's growth plans. I wish them the very best in their new roles and look forward to working with them."
Prior to this appointment, Jain was an advisor to Bharti Enterprises and also held the position of managing director and CEO of Bharti Wal-Mart for over six years.
Bharti Retail currently operates 212 stores in neighbourhood and compact hypermarket formats.
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