Wal-Mart Stores has appointed Danone executive Morten Knudsen as CFO of its Asian operations.
The world’s largest retailer is working to rebuild its executive team throughout Asia and it confirmed today (28 July) that Knudsen will join the company on 1 September. He was Danone’s vice president for corporate finance in Asia.
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Wal-Mart described Knudsen as a “seasoned finance professional with more than 20 years’ experience covering the key areas of controllership, financial planning and analysis, as well as M&A, restructuring, tax and treasury”.
“He has a successful track record in rapidly-growing businesses in Europe and the Asia Pacific region and was responsible for providing guidance on deal structures, taxation and project financing for deals across India, China and Indonesia,” Wal-Mart said.
Wal-Mart has lost a number of executives from its Asian division in recent months. Wal-Mart Japan’s CEO Toru Noda left the company in June, while Roland Lawrence and Rob Cissell, former CFO and CFO of Wal-Mart China departed in May. Shawn Gray, vice president of Wal-Mart China’s hypermarket operations, also left in June.
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