|Jain: Fresh innings
New Delhi, Jan. 3: Former head of Walmart India Raj Jain will be the new chief executive officer of Bharti Retail.
Pankaj Madan, another senior executive of erstwhile Bharti Walmart, has been appointed the chief financial officer.
In October, Bharti Enterprises and Walmart had said they would sever their ties to operate retail stores in India.
The US retail major will buy out its Indian partner in their 50:50 cash-and-carry joint venture Bharti Walmart, which runs 20 wholesale stores under the Best Price Modern Wholesale brand, for an undisclosed sum.
Jain, who left Walmart India in June last year, will report to Bharti Enterprises vice-chairman and managing director Rajan Bharti Mittal.
“Bharti is committed to building a world-class retail venture and we are delighted to have Raj and Pankaj on board. I am confident that their rich experience and insights into the retail business will add immense value to the company’s growth plans,” Mittal said.
Bharti Retail operates 212 retail stores.
Jain was the president of Walmart India and held the position of managing director and chief executive officer of Bharti Walmart for over six years. After the break-up, Jain was engaged as an adviser by Bharti Group.
Earlier, Jain was the Asia Pacific head, marketing and supply chain, at Whirlpool Corporation in Shanghai, and had also served as the managing director and CEO of Whirlpool of India Ltd.
Madan had held the position of chief financial officer at Bharti Walmart, where he worked for over five years. Prior to that, he was CFO at Grampian Country Food Group (Thailand).
Last month, Walmart had named Krish Iyer as president and chief executive of Walmart India, effective from January 20.
Iyer will replace interim CEO Ramnik Narsey.