Japanese retailer Seiyu will get a Wal-Mart veteran to steer it through its recovery efforts. Wal-Mart International Senior Vice President and Chief Operating Officer Ed Kolodzieski will take over as president and CEO of The Seiyu Co., Ltd., according to several published reports.
Seiyu operates more than 400 general merchandise, department and grocery stores in Japan. Wal-Mart Stores has had ties with Seiyu since March of 2002, but this year increased its share of Seiyu voting rights to 50 percent, essentially giving it control of the retail group.
Reports say the new leadership becomes official with the granting of shareholder approval on December 15. Noriyuki Watanabe, currently chairman and CEO, will stay on as chairman when Kolodzieski takes over.
to Daily News