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January 4, 2014
Raj Jain to Head Bharti Retail
The firm also appoints Pankaj Madan, formerly CFO at Bharti-Walmart, as CFO
Bharti Retail Ltd, the multi-brand retail venture of Bharti Enterprises, on Friday announced the appointment of former Walmart India head Raj Jain as the company’s chief executive officer.
Jain was managing director and chief executive at Bharti Walmart Pvt. Ltd, the cash-and-carry joint venture between Bharti Retail and Walmart, which parted ways in October.
He will report to Rajan Bharti Mittal, vice chairman and managing director, Bharti Enterprises, in his new role, which he takes up with immediate effect, the company said in a press statement.
The company also appointed Pankaj Madan, formerly chief financial officer (CFO) at Bharti-Walmart Pvt Ltd, as CFO, Bharti Retail.
In June this year, Walmart announced the sudden exit of Jain after he had steered the company’s operations in India for close to six years. Madan was suspended in November 2012 after alleged violations of the US Foreign Corrupt Practices Act (FCPA) that prohibits large multi-nationals operating overseas from engaging in any form of corruption.
Jain was hired as advisor to Bharti Enterprises in October this year, after Walmart and Bharti decided to part ways — apparently because India’s foreign direct investment (FDI) policy hindered the US chain’s retail expansion plans in the country.
“Bharti is committed to building a world-class retail venture and we are delighted to have Raj and Pankaj on board,” Mittal said in the company statement. “I am confident that their rich experience and insights into the retail business will add immense value to company’s growth plans.”
Currently Bharti Retail operates a chain of 212 Easy Day retail stores across the country.
Via : LiveMint.com
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