Walmart Closes Investment in Massmart

Posted on June 20, 2011 by HFN Staff

BENTONVILLE, Ark.-Walmart has completed its investment for a 51 percent stake in South African mass merchant Massmart.

The closing marks the U.S. retailer's first entry into the African continent. According to a Walmart statement, the agreement entitles it to nominate the chairman and three non-executive directors to Massmart's board. Walmart has asked Mark Lamberti, Massmart's current chairman, to remain in this post.

Three Walmart executives--Doug McMillon, president and CEO of Walmart International; Jeff Davis, senior vice president of Walmart Stores; and J.P. Suarez, senior vice president of Walmart International Development are joining the Massmart board.


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