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Wal-Mart names new CEO; company vet Doug McMillon to succeed Mike Duke

Doug McMillon

Bentonville, Ark. – Wal-Mart Stores said Mike Duke will retire as president and CEO, effective Feb. 1, 2014, and will be replaced by veteran company executive Doug McMillon. McMillon, 47, president and CEO of Walmart International, was also named to Wal-Mart’s board, effective immediately.

“This leadership change comes at a time of strength and growth at Walmart,” said Rob Walton, chairman of Walmart’s board of directors. “The company has the right strategy to serve the changing customer around the world, and Doug has been actively involved in this process. The company has a strong management team to execute that strategy. Doug is uniquely positioned to lead our growing global company and to serve the changing customer, while remaining true to our culture and values.”

In his current position, McMillon oversees Wal-Mart's operations outside the United States, which includes 6,300 stores. From 2006 to 2009, he was president and chief executive of Sam's Club.

Duke has been president and CEO of Wal-Mart since February 2009. He will continue serving as chairman of the executive committee of the board and, in the tradition of his predecessors, stay on as an advisor to McMillon for one year. The company plans to make an announcement on McMillon’s successor as CEO of Walmart International by the end of the fiscal year.

By the end of the fiscal year — Jan. 31 — the company plans to announce McMillon's successor as CEO of Walmart International.

© 2014