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Walmart.com names new U.S. chief

By The Associated Press

This article was published June 10, 2014 at 11:42 a.m.

Walmart.com U.S. CEO and President Joel Anderson is leaving at the end of the month to take a job as president of discount-store chain Five Below Inc.

Anderson, who was in his role for three years, will be succeeded by Fernando Madeira, who will be taking on a bigger role, according to a memorandum sent to Wal-Mart Stores Inc. employees.

Madeira, who is currently president and CEO of Latin America at Walmart.com, will be assuming a newly created role leading Walmart.com in the U.S., Latin America and any other growth areas.

Under Madiera's leadership, Brazil's business has grown twice as fast as the market, while increasing traffic fourfold, according to the memo.

Wal-Mart said Anderson's last day at the world's largest retailer will be June 20.

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