Bill Simon, 54, is out after four years as CEO of Walmart U.S. and Greg Foran, who’s been CEO of Walmart Asia, is in.
Simon’s “retirement” agreement includes $4.5 million in installment payments and vesting of rights in more than 56,000 shares of stock.
Simon got a bonus last year despite missing sales targets. Same-store sales at Walmart U.S. stores have fallen for five quarters.
CORRECTION: I had Simon’s name wrong in original posting.