US retail major Walmart today said its India head Raj Jain was no longer a part of the company,and announced Ramnik Narsey as the interim head for the India operations.
Ramnik Narsey,senior vice-president for Walmart International,will serve as interim leader for Walmarts business in India. He is replacing Raj Jain,who is no longer with the company, the company said in a statement though it did not specify the reason for Jains departure.
Jains departure comes at a time when the Bentonville,Arkansas-based company,is vying to enter the Indian retail segment amid bribery charges and the ongoing investigation for alleged violation of forex norms in the country.
Sources said that Walmart had raised questions about Jains leadership under which the allegations of corrupt pratices were levied,and added that a few other heads may roll.
In November,the retailer had said it was investigating allegations of corrupt practices in foreign markets,including India,to conform with the Foreign Corrupt Practices Act in the US. Pending the internal probe,Bharti-Walmart had suspended five senior officials including chief financial officer Pankaj Madan.
Jain had joined the company in 2006 and was made head of India unit in 2007. Narsey,who was chairman and CEO in Woolworths India,a unit Australias biggest supermarket chain,joined Walmart in May this year.
Aug 2007: Walmart sets up a cash-and-carry joint venture with Bharti Enterprises.
May 2009: Bharti-Walmart opens its first wholesale store in Punjab
Sept 2012: Government allows foreign operators to own 51% in local retail chains.
Sept 2012: MP Achuthan,a communist member of Parliament,has accused Walmart of violating the FDI norms
Nov 2012: Walmart says it is investigating whether its employees in India,Mexico and other nations violated the Foreign Corrupt Practices Act
Nov 2012: Walmart announces that it suspended some employees as part of its corruption probe in India
Jan 2013: Opposition MPs demand judicial probe into the lobbying issue. The government sets up the Mukul Mudgal committee
June 26,2013: Walmart announces that Raj Jain,president for India operations,has left the company
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