Wal-Mart.com CEO Joel Anderson to step down

Mumbai: Wal-Mart Stores Inc said Joel Anderson, chief executive of its United States website, Walmart.com, would step down, at a time the company plans to speed up investments in technology to boost sales at its fast-growing e-commerce business.

Fernando Madeira, CEO of Latin America eCommerce at Wal-Mart, will replace Anderson, according to a company memo  Madeira will now relocate to San Bruno, California from Brazil to assume additional responsibility for Wal-Mart's US markets, the memo said. Wal-Mart appointed Gregory Penner vice chairman on Friday, showing that the world's largest retailer is looking at younger executives to revive its fortunes.

Penner is now in a position to succeed Chairman Rob Walton, his 69-year-old father-in-law. Penner's appointment comes at a time when the company's US same-store sales are falling and it is struggling to move past a bribery scandal at its Mexico unit that has cost it more than $500 million since 2012.

The company, in May, forecast a current-quarter profit that fell short of analysts' expectations, after quarterly sales grew at their slowest pace in nearly five years.

Wal-Mart is also facing increasing dissent from its employees who, backed by unions, are demanding higher wages, better benefits and more full-time jobs.