Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
Joel Anderson is taking a job at discount retailer Five Below. He will be replaced by the CEO of Wal-Mart’s e-commerce unit in Latin America.
Joel Anderson, who has served as president and CEO of the U.S. e-commerce arm of Wal-Mart Stores Inc. during three years of rapid growth, is stepping down. His last day on the job will be June 20.
Anderson is leaving Wal-Mart to become president of discount retailer Five Below Inc., which doesn't sell online. He will lead all aspects the merchant's merchandising, stores and marketing.
“With Joel, we have a proven multichannel retail leader with an exceptionally strong background across both stores and e-commerce, and the right leadership skills and merchandising vision to help fuel the growth of the Five Below brand,” says Tom Vellios, Five Below co-founder.
Fernando Madeira will replace Anderson at Walmart.com. Madeira has been president and CEO of Walmart eCommerce Latin America since 2012. He will take charge of the U.S. operations of Walmart.com in addition to overseeing the Latin America unit. He will relocate from Sao Paulo, Brazil, to San Bruno, in California’s Silicon Valley, where Wal-Mart’s global e-commerce operation is based. Like Anderson, Madeira will report to Neil Ashe, president and CEO of Walmart Global eCommerce.
In the memo to Wal-Mart employees, Ashe called Madeira “a high-energy leader focused on fostering creativity, innovation and building strong personal relationships to get results.”
“Under his guidance,” Ashe continued, “the Latin America eCommerce team has taken a customer-focused approach to business strategy and product development. We’ve seen Brazil grow twice as fast as the market, while increasing traffic four-fold. Fernando and his team have dramatically increased assortment, adding nearly 1 million SKUs, bringing new products from around the world and recently opening our fourth fulfillment center, making Walmart.com Brazil one of the largest e-commerce companies in the country. In other markets, they’ve leveraged sales and marketing efforts, driving triple-digit growth in Argentina, Chile and Mexico.”
Anderson took the reins of the U.S. unit of Wal-Mart’s e-commerce operation in 2011 after four years as senior vice president of Wal-Mart’s division in the northern Plains states. Before joining Wal-Mart, Anderson had been president of the direct-to-consumer business of giftware brand Lenox. Before that he had worked for Toys ‘R’ Us Inc., where he helped launch the online business for Babies ‘R’ Us. He also held positions at Target Corp. and American Express.
Wal-Mart, No. 4 in the 2014 Top 500, increased its global e-commerce sales by 30% last year and has projected a similar increase in 2014. That would put its worldwide online sales at $13 billion, three times the $4.25 billion Wal-Mart sold online in 2009, according to Top500Guide.com.
Wal-Mart Latin America is No. 8 in the Internet Retailer Latin America 400.