Australian executive to take control of $500b Walmart empire

Australian supermarket executive Greg Foran will take control of a $500 billion business after being chosen as the new head of Walmart’s US operations.

Mr Foran, who served as head of Woolworths supermarkets in Australia until 2011, will run the global retail giant’s 4000 American stores when he starts his new job on August 9.

Walmart chief executive Doug McMillon said Mr Foran would bring a “fresh” approach to running the company, which has an annual turnover is roughly equivalent to the GDP of Norway.

“Greg is one of the most talented retailers I’ve ever met,” Mr McMillon said.

“His depth of knowledge and global experience will bring a fresh perspective to our business.”

Mr Foran, the father of Manly Sea Eagles player Kieran Foran, has served as head of Walmart’s Asian operations since leaving Woolworths.

The Australian reports that his salary will be $1 million, however he could be entitled to share options valued at $13.8 million if he meets performance targets.