CEO of Wal-Mart Indian joint venture leaves co.

CEO of Wal-Mart Indian joint venture leaves post after about 6 years at helm

Associated Press

NEW YORK (AP) -- The CEO of Wal-Mart Stores' Indian joint venture has left his post after six years at the helm.

The world's biggest retailer said in a statement on Thursday that Raj Jain is departing, but did not give any specifics on why he was leaving.

The company named Ramnik Narsey, senior vice president for Walmart International, as interim head for Bharti Walmart, a joint venture with India's Bharti Enterprises.

Narsey joined Wal-Mart Stores Inc. last month. He previously served as chairman and CEO of Woolworths India.

Wal-Mart has been trying to expand in India, a giant market that is relatively untapped by foreign retailers. But the Bentonville, Ark., company has hit some bumps along the way.

In November it suspended several workers at Bharti Walmart as part of an internal corruption investigation.

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