Indian head of Wal Mart quits - Why???

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Biyatris
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Joined: Mon May 27, 2013 2:28 pm

Indian head of Wal Mart quits - Why???

#1 Postby Biyatris » Thu Jun 27, 2013 9:55 am

The global retail giant Walmart on Wednesday announced the departure of its India head Raj Jain from the company.A company spokesperson refused to comment on the reasons behind Jain leaving the company, a development that came as a surprise even to employees. Jain's departure appears to be sudden as company executives that he had gone to Bentonville, the company's US headquarters, for the shareholders' meeting and returned around 10 days ago. Jain did not respond to phone calls and a text message.
Employees who had been hearing of Jain's departure from the company were not just surprised by his absence at the time of the announcement but even puzzled with the Walmart's way of doing business. It has already seen the suspension of its chief financial officer and other executives for alleged violations of the US anti-bribery law.
During Jain's deposition before the committee, it came to light that Walmart's wholesale arm was deriving nearly 40% of its sales from Bharti Retail, while the government allowed only 25% sales.

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