UPDATE 2-Wal-Mart de Mexico chief to step down as 3rd-qtr profit drops

viernes 17 de octubre de 2014 18:01 GYT

(Recasts on CEO departure, adds background, quotes)

By Christine Murray and Gabriela Lopez

MEXICO CITY/MONTERREY Oct 17 (Reuters) - Mexico's biggest retailer, Wal-Mart de Mexico, on Friday said Chief Executive Scot Rank would step down after five years and that the head of Wal-Mart Latin America would take on a bigger role in the Mexico and Central America business.

The company known locally as Walmex also reported an 8 percent fall in third-quarter profit. It said it would hand certain executive responsibilities to Walmex Chairman and Wal-Mart Latin America CEO, Enrique Ostale.

It added it would announce a new Walmex CEO at a later date.

"These changes will allow us to build on the efforts that Scot has made for our company to be more simple, quick and client-focused," Ostale said in a webcast.

The change in leadership comes almost two years after a New York Times investigation that alleged Walmex bribed local officials to open stores faster. The company now faces U.S. and Mexican probes as a result.

Walmex, controlled by U.S. retailer Wal-Mart Stores Inc , has since slowed its pace of expansion.

Last month, Walmex said it was cutting its investment plan for 2014 by 10.7 percent to 13.4 billion pesos ($1.02 billion).   Continuación...