Walmart Hires New General to Continue Attack on Amazon and eBay
Wal-Mart Store, Inc. (NYSE:WMT) announced that as of today former CBS Interactive President Neil Ashe is taking over as the new president and CEO of the comapnay’s global e-commerce business. He is replacing Eduardo Castro-Wright who announced his retirement plans in September and will help in the transition.
Wal-Mart is working on its improving its online services to compete with Internet retailers like Amazon (NASDAQ:AMZN) and eBay (NASDAQ:EBAY). “E-commerce is a great opportunity for us and we have a long-term vision to win,” said Mike Duke, Walmart‘s president and CEO.
At CBS Interactive, Ashe led all online properties and spearheaded the development of new distribution methods for programming.
Here’s how Wal-mart shares reacted:
Wal-Mart Stores Inc. (NYSE:WMT): WMT shares recently traded at $59.85, up $0.31, or 0.52%. They have traded in a 52-week range of $48.31 to $61.06. Volume today was 8,492,052 shares versus a 3-month average volume of 10,082,500 shares. The company’s trailing P/E is 12.67, while trailing earnings are $4.72 per share.