Finance & Capital Management

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.

Walmart International president and CEO Doug McMillon was given the nod over Walmart U.S. president and CEO Bill Simon to succeed Mike Duke as president of Wal-Mart Stores, Inc., the company announced Monday morning.

McMillon, 47, will join the board effective immediately, and succeed Duke, 63, on February 1, when Walmart’s new fiscal year begins. McMillon’s successor will be named before the end of the fiscal year, according to the company.

Hoffman Estates, Ill. - Sears Holdings chairman Eddie Lampert is reportedly considering selling the company’s Sears Canada stores. According to the New York Post, Lampert has been quietly consulting banks including Goldman Sachs and reaching out to prospective buyers.

Suffern, N.Y. -- David Jaffe, president and CEO of Ascena Retail Group, has been named the National EY (Ernst & Young) Entrepreneur of the Year Family Business Award of Excellence winner, recognized for building a company with multiple retail brands.

CVS has named Helena Foulkes as president of CVS/pharmacy, effective Jan. 1. She succeeds Mark Cosby, who is stepping down on Dec. 31.

Cosby has led the company’s retail business since October 2011, including its more than 7,600 retail stores, 19 distribution centers and retail merchandising, supply chain, marketing, real estate, front store and pharmacy operations.

Fort Worth, Texas – RadioShack has named Mark A. Boerio to the newly created position of senior VP, inventory planning and allocation, effective Dec. 3. He is the latest addition to the new leadership team being assembled by CEO Joseph C. Magnacca as the company executes its strategic plan to reposition the brand, revamp the product assortment, reinvigorate the stores, increase its operational efficiency and enhance financial flexibility.

Buoyed by its performance during Back to School season, Hibbett Sporting Goods sounded an optimistic tone regarding the holidays after reporting a surprisingly strong third quarter comp increase.

The operator of 904 stores in 31 states said its same store sales increased 4.8% and total sales increased 2.5% to $208 million during the quarter ended November 2.

Seattle – The Second Circuit U.S. Court of Appeals in New York has reportedly ruled that Starbucks baristas must share their tips with supervisors. According to the Associated Press, the ruling supports a lower court finding that baristas at Starbucks must share tips with shift supervisors, since the supervisors do much of the same work as the baristas.