BENTONVILLE, Ark.–Walmart has completed its investment for a 51 percent stake in South African mass merchant Massmart.
The closing marks the U.S. retailer’s first entry into the African continent. According to a Walmart statement, the agreement entitles it to nominate the chairman and three non-executive directors to Massmart’s board. Walmart has asked Mark Lamberti, Massmart’s current chairman, to remain in this post.
Three Walmart executives—Doug McMillon, president and CEO of Walmart International; Jeff Davis, senior vice president of Walmart Stores; and J.P. Suarez, senior vice president of Walmart International Development are joining the Massmart board.