Labor & Employment

Bentonville, Ark. -- Wal-Mart Stores said Friday it has replaced two of its top executives in China who resigned earlier this month.

Mario-José Medina will serve as the head of Wal-Mart financial operations in China. He previously worked as the CFO of Wal-Mart Chile, and was hired in 2007 to be the CFO of Wal-Mart Puerto Rico.

The company also said that Del Sloneker, a former senior VP, will become COO in China.

It may have taken longer than originally thought, but competition authorities in South Africa cleared the way for Walmart to move forward with its acquisition of Massmart, the company announced Tuesday.

New York City -- Foot Locker announced a series of organizational changes designed to enhance its focus on its two key business units -- retail stores and direct-to-customer, and to strengthen the operations supporting each unit. The changes will take effect as of July 1.

The company will consolidate the reporting of all its retail store businesses under Richard A. Johnson, who will be promoted to executive VP and group president – retail stores. He will be responsible for all of Foot Locker’s domestic and international store banners.

New York City -- Consumer confidence declined in May, according to the Conference Board Consumer Confidence Index. The Index now stands at 60.8, down from 66.0 in April. The Present Situation Index decreased to 39.3 from 40.2. The Expectations Index declined to 75.2 from 83.2 last month.

At its annual meeting, Lowe’s chairman and CEO Robert A. Niblock continued to hammer on the theme of transformation at the nation's second-largest home center chain.

“Making home improvement simple for customers starts with making it simple for our employees by providing them with the right technology and resources,” said Niblock. “Throughout our 65-year history, Lowe’s has changed many times. To be successful in the future, we must transform the shopping experience for customers wherever and however they choose to shop with Lowe’s.”

New York City -- Regulators in South African on Tuesday approved Wal-Mart's 17 billion rand (about $2.4 billion) bid to buy a controlling share of Massmart Holdings Ltd. The Competition Tribunal of South Africa approved the deal on the condition that no job cuts take place for two years. It also requires the merged entity to give employment preference to 503 Massmart employees who lost their jobs.

DENVER, Colo. and MONTREAL — Molson Coors Brewing Company has announced that Andrew Molson, the current vice chairman of the Molson Coors board of directors assumed the role of chairman, and Pete Coors, current chairman, assumed the role of vice chairman, effective May 26. 

Houston -- New York private-equity firm Kohlberg Kravis Roberts & Co. LP said Tuesday that it plans to acquire a majority stake in Academy Sports + Outdoors, the Katy (Houston), Texas-based privately held sporting goods retailer with 131 locations throughout the Southeast.

Terms of the deal were not disclosed.

According to KKR, Academy Sports' president Rodney Faldyn will stay on as president and will assume the CEO job from David Gochman, who is the grandson of the chain’s founder.