Bharti Walmart, the joint Indian retail venture between Bharti Enterprises and US conglomerate Walmart, has announced the departure of CEO Raj Jain, effective immediately.
In a statement released on Wednesday, the retailer refused to reveal why Jain had vacated the position, simply saying he “is no longer with the company.”
Walmart International’s senior vice president, Ramnik Narsey, will fill the role in the interim.
Narsey joined Walmart last month and has previously served as CEO of Woolworths India.
Jain’s departure is the latest setback in a tumultuous 12 months for Bharti Walmart.
In November the company suspended several workers as part of an internal corruption investigation.
The suspensions stemmed from an Indian Government probe into Walmart's lobbying practices, amid claims bribed Indian officals while it was trying to win access to the market.
Walmart was cleared of any wrong doing earlier this month but has hired international authority on corruption Ritika Ratti to ensure its Indian dealings meet ethical business standards.
“We remain optimistic about our business in India and look forward to our future in India under Ramnik's leadership,” Walmart Asia CEO and president Scott Price said in a statement.
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