Walmart Sends Veteran to Fix Struggling African Venture
- Mitchell Slape to be CEO of Massmart when he can get visa
- Massmart shares plunge to lowest level since 2009 on warning
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Walmart Inc. is sending a 24-year veteran of the global retail giant to arrest a slump in profit at its troubled South African business.
Mitchell Slape has been appointed chief executive officer of Massmart Holdings Ltd., adding Johannesburg to a Walmart career that’s already taken him to Japan, India and Mexico. His appointment to replace Guy Hayward comes as Massmart said earnings may drop as much as 50% in the first five months of the year, sending its shares to a 10-year low.