Report: Fernando Madeira Named CEO

Fernando Madeira, president and CEO of Latin America at Wal-Mart e-commerce, has been named chief executive officer of

That's according to a report from Bloomberg that also says current head of, Joel Anderson, is leaving the company June 20 to become president of Five Below Inc. (NASDAQ: FIVE).

Madeira, who has been based in Sao Paulo, has fueled a sales gain at Wal-Mart's Latin American e-commerce site by offering a broader assortment and improving fulfillment, the company said.

"We've seen Brazil grow twice as fast as the market, while increasing traffic fourfold," Neil Ashe, Wal-Mart's CEO of global e-commerce, said in the memo. "In other markets, they've leveraged sales and marketing efforts, driving triple digit growth in Argentina, Chile and Mexico."

Recently, Wal-Mart (NYSE: WMT) has moved more focus to online sales and its battle with Amazon (NASDAQ: AMZN). Last month, the Oakland Tribune reported the Arkansas-based retail giant was expanding its e-commerce operations in Sunnyvale, Calif., including the hiring of hundreds of tech workers.

Arkansas Business' Mark Friedman recently reported of Wal-Mart and Amazon are expanding pilot programs for same-day delivery services. The offerings from both companies range from groceries to televisions. Read Friedman's report here.

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