In its second-largest acquisition, Amazon buys the company for $970 million.
Raul Vazquez becomes CEO of loan provider Progreso Financiero.
The one-time top e-commerce executive at Wal-Mart Stores Inc. has a new job. Raul Vazquez has become CEO of Progreso Financiero, which sells unsecured loans and first-time credit to more than 150,000 Hispanic families in the United States, primarily in California and Texas. Vazquez also becomes a board member of the company, it said this week.
Vazquez was CEO of Walmart.com until January 2010 and, later, executive vice president of global e-commerce and developed markets for the retail chain, a job he held until August, when he left the company voluntarily amidst an e-commerce shake-up, according to the retailer. During his time at Wal-Mart, Vazquez also was president of the newly created Wal-Mart West offline division.
Wal-Mart is No. 6 in the Internet Retailer Top 500 Guide.
“Raul has established his leadership skills at one of America’s great companies, having led rapid growth at Walmart.com and also managing very large retail operations in Wal-Mart’s western region,” says Carl Pascarella, lead director for the board of Progreso. “He has a deep understanding of retail environments, which are at the heart of Progreso’s community-based lending model.”
Joel Anderson, President and CEO of Walmart.com, U.S., will be a featured speaker at the Internet Retailer Conference & Exhibition 2012 in June, offering a presentation on “Creating innovation through the next generation of retail.”