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Published on NewsOK Modified: June 10, 2014 at 11:14 am •  Published: June 10, 2014

NEW YORK (AP) — U.S. CEO and President Joel Anderson is leaving at the end of the month to take a job as president of discount-store chain Five Below Inc.

Anderson, who was in his role for three years, will be succeeded by Fernando Madeira, who will be taking on a bigger role, according to a memo sent to Wal-Mart Stores Inc. employees.

Madeira, who is currently president and CEO of Latin America at, will be assuming a newly created role leading in the U.S., Latin America and any other growth areas.

Under Madiera's leadership, Brazil's business has grown twice as fast as the market, while increasing traffic four-fold, according to the memo.

Wal-Mart said Anderson's last day at the world's largest retailer will be June 20.

Madiera, who was based in Sao Paolo, Brazil, will move to San Bruno, Calif., where the global e-commerce operations are based. He will continue to report to Neil Ashe, president and CEO of Wal-Mart's global e-commerce division.'s online sales rose more than 30 percent to $10 billion for the year ended Feb. 1. That's still a small part of the company's $473 billion in sales, excluding membership fees to its Sam's Clubs.

But Wal-Mart is pushing to innovate in the e-commerce area and to create a seamless shopping experience for customers who are increasingly jumping back and forth to the stores and their mobile phones to shop and research.

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