Walmart axes 30 executives in China

WALMART Stores, the world’s largest retailer, had dismissed about 30 senior executives in its China unit in an effort to “streamline and simplify” its business, it said yesterday. The departure of the executives, including directors and more senior staff, was “consistent with actions taken over the last several months”, Walmart’s China spokesman Ray Bracy said. A small number of the employees had mutually agreed to leave the business, he added, without elaborating. The China move comes amid a management shake-up in the US, where Walmart announced the departure of its US merchandising chief on Tuesday. The retailer has run into headwinds in China, where it faces stiff competition and food safety scandals. – Bloomberg