Struggling supermarket chain Seiyu Ltd. said Wednesday that five representatives of Wal-Mart Store Inc. have joined its board of directors, formalizing the U.S. retail giant's involvement in Seiyu's management.
But consumers in Japan are unlikely to see Wal-Mart signboards in the near future as the company cautiously tests the water in the world's second largest economy.
In the Seiyu management shakeup, approved at an extraordinary shareholders' meeting earlier in the day, five Wal-Mart officials assumed seats on Seiyu's now 13-member board. They include John Menzer, president and CEO of Wal-Mart International.