Solorzano Takes Wal-Mart LatAm

Wal-Mart has appointed Eduardo Solorzano president and CEO of Walmart Latin America. The former president and CEO of Walmart de Mexico will oversee operations in Argentina, Brazil, Chile, Costa Rica, El Salvador, Guatemala, Honduras, Mexico, Nicaragua and Puerto Rico. Solorzano was also elected chairman of the board in Mexico, whose Wal-Mart unit appointed Scot Rank president and CEO. Based in Walmart’s Latin American regional office in Miami, Solorzano will assume his new role January 18. Solorzano has led Walmart de Mexico since early 2005 and was responsible for the conception and creation of Banco Walmart. Wal-Mart plans to boost investments in Brazil by some 40% in 2010, taking advantage of prospects for robust economic expansion and growth in consumption, according to Dow Jones, which cites Hector Nunez, chief executive of Walmart Brasil. The company plans to invest the equivalent of BRL2.0-BRL2.2bn in 2010, it adds. Nunez says Brazil is one of the retailer’s most important international markets, according to the report.