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By The Associated Press
Wednesday, June 11, 2014, 12:01 a.m. 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 take on a bigger role, according to a memo sent to Wal-Mart Stores Inc. employees.

Madeira, president and CEO of Latin America at, will be assuming a new role leading in America, 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.

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