Walmart de Mexico names new CEO

Walmart is turning to the head of its Latin American business to take over as CEO of Walmart de Mexico.

Enrique Ostale, who is chairman of the board of the retailer's Latin American business, will take over as Mexico chief executive on Jan. 1. The position will oversee Walmart's operations in Mexico and Central America.

"Mexico and Central America is a priority market for Walmart," David Cheesewright, president and CEO of Walmart International, said. "Enrique has excellent global experience within the retail industry and will drive growth opportunities throughout the region, both in stores and through our growing e-commerce business."

Ostale is replacing Scot Rank, who is leaving his post as chief executive after five years and will also resign from the Mexican unit’s board after 14 years. Rank had led the group since 2005. He joined the company in 2000.

Ostale joined Walmart in 2009 after the company’s acquisition of Chilean retail chain D&S, which is now Walmart Chile.

“The dual role of CEO for both Walmex and Walmart Latin America will give Enrique the unique ability to leverage our expertise and capability across nine markets, taking advantage of the growth opportunities that the whole region has to offer,” Cheesewright said.

Walmart in Mexico supplies around 6% of the Bentonville, Ark., company’s annual sales. In the third quarter, Walmart de México, which runs about 2,230 stores, said that net profit fell 8% as stronger economic growth failed to lift retail spending. Shares in the company have fallen 20 percent this year.