Walmart (NYSE:WMT) will put a new CEO in place for its Latin American operations, the company announced in an official news release. The new chief executive is Enrique Ostale, who will take up the position in March. He replaces the retiring Eduardo Solorzano.

Ostale has been with the firm since its 2009 acquisition of Chilean retailer D&S. He was CEO of the acquired company, and held the same position in its successor unit, Walmart Chile.

Although he is relinquishing the CEO position, Solorzano will stay with the company as chairman of the board of directors at the firm's Walmart de Mexico division.