CEO of Walmart de Mexico will now lead 10 markets and more than 330,000 associates
BENTONVILLE, Ark., Dec. 18, 2009 – Wal-Mart Stores, Inc., today announced that Eduardo Solórzano, president and CEO of Walmart de Mexico, has been named executive vice president, president and CEO of Walmart Latin America, where he will oversee Walmart’s operations in Argentina, Brazil, Chile, Costa Rica, El Salvador, Guatemala, Honduras, Mexico, Nicaragua and Puerto Rico.
In addition to his new regional role, Walmart de Mexico announced that it has elected Solórzano chairman of the board and that Scot Rank, executive vice president and COO, has been named to replace Solórzano as president and CEO. Rank is a long-time resident of Mexico and has more than two decades of ties to the country, including nine years with Walmart de Mexico.
Based in Walmart’s Latin American regional office in Miami, Solórzano will assume his new role Jan. 18.
Solórzano has led Walmart de Mexico since early 2005, and has overseen dramatic expansion of the business in terms of units, associates, sales and share value. With the company’s recent acquisition of Walmart’s operations in Central America, he has been instrumental in expanding the company beyond Mexico. In addition, Solórzano was responsible for the conception and creation of Banco Walmart, the world’s first Walmart bank, and the development of successful new formats such as Bodega Aurrera Express.
Solórzano’s career at Walmart de Mexico began in 1985, when he joined Grupo Cifra-Aurrera, holding several management positions in Operations, Merchandising and Logistics. In 1998, he was named director of Food for Walmart Supercenters, and later, as vice president of this format, he was instrumental in the successful implementation of “Every Day Low Prices” in Mexico. Solórzano went on to be named executive president for Self-Service and then COO, before being named president and CEO of Walmart de Mexico. During his tenure in that role, the company’s sales have increased from $137 to $262 billion pesos, and has expanded from 694 to 1329 stores.
“Eduardo’s experience in Mexico makes him the best candidate to lead our Latin American operations,” McMillon said. “Walmart de Mexico is our most successful Latin American operation, and with this appointment, Eduardo can further enhance all our businesses in the region. His appointment as chairman of the board at Walmart de Mexico and a strong successor in Scot Rank as CEO there ensures continuity of strategy and leadership in Mexico.”
“I am looking forward to building on the fantastic synergies and talent we have in Walmart’s Latin America operations,” Solórzano said. “We have great businesses throughout the region, and there’s much more we can do to meet our customers’ needs.”
A naturalized Mexican citizen, Solórzano was born in Managua, Nicaragua in 1957 and holds a B.S. in Economics from the Monterrey Institute of Technology (ITESM) and an M.S. in Economics from the University of the Americas. In addition to being chairman of the board of Walmart de Mexico, he has served as chairman of the board of directors for Banco Wal-Mart de México Adelante, and has been a board member for Walmart Centroamerica, the Walmart de Mexico Foundation, A.C., the Mexican Institute for Competitiveness, and the Retail Council for Coca-Cola Latin America. Solórzano was named “The Person of the Year” in 2009 by Expansion magazine.
About Wal-Mart Stores, Inc.
Wal-Mart Stores, Inc. (NYSE: WMT), or “Walmart,” serves customers and members more than 200 million times per week at more than 8,000 retail units under 53 different banners in 15 countries. With fiscal year 2009 sales of $401 billion, Walmart employs more than 2.1 million associates worldwide. A leader in sustainability, corporate philanthropy and employment opportunity, Walmart ranked first among retailers in Fortune Magazine’s 2009 Most Admired Companies survey. Additional information about Walmart can be found by visiting www.walmartstores.com. Online merchandise sales are available at www.walmart.com and www.samsclub.com.
# # #
Ed. Note: Wal-Mart Stores, Inc. is the legal trade name of the corporation. The name "Walmart," expressed as one word and without punctuation, is a trademark of the company and is used analogously to describe the company and its stores. Use the trade name when it is necessary to identify the legal entity, such as when reporting financial results, litigation or corporate governance.