Walmart sends in the fixer
The US retailer has seen its investment in Massmart lose 80% in dollar terms. Now it’s sending in its own executives
It’s probably no coincidence that Massmart’s grim profit warning was accompanied by the news that its next CEO will be a Walmart man.
After all, one of the great mysteries of the past decade has been the palpable absence of the US retailer’s influence on the chain it bought in 2010 for $2.5bn. Today, Massmart is worth just 20% of what Walmart paid.