Walmart India is in the process of letting go of 56 senior executives including vice presidents across sourcing, agri-business and the fast-moving consumer goods (FMCG) divisions. According to sources, the layoffs announcement came at the company’s town hall meeting on Friday (January 10).
“Walmart remains committed to growing its B2B cash & carry business in India. We opened 6 new Best Price modern wholesale stores, 1 fulfilment centre and our sales grew 22% in 2019,” said Krish Iyer, President and CEO, Walmart India in a statement.
He also added that the company is looking for ways to operate more efficiently, which requires them to review the corporate structure.
“As part of this review, we have let go 56 of our associates across levels at the corporate office. All of the 56 impacted associates (8 in the senior management and 48 in the middle/ lower management) have been offered enhanced severance benefits and outplacement services to support their transition, ” Iyer added.
Walmart was also reported to be planning more layoffs is expected by April, but the company denied these report calling it baseless and incorrect. The report also said the company plans to shut its Mumbai fulfilment centre.