McMillon to succeed Duke as Walmart CEO

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.

“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.”

Duke will continue serving as chairman of the executive committee of the board and, in the tradition of his predecessors, stay on as an adviser to McMillon for one year, according to the company.

“Doug is uniquely positioned to lead our growing global company and to serve the changing customer, while remaining true to our culture and values,” Walton said. “He has broad experience — with successful senior leadership roles in all of Walmart’s business segments — and a deep understanding of the economic, social and technological trends shaping our world. A merchant at heart, Doug has both a long history with our company and a keen sense of where our customers globally are heading next. He has also shown strong leadership on environmental sustainability and a commitment to using Walmart’s size and scale to make a difference in the lives of people, wherever they might be.”

McMillon said the opportunity to lead Walmart is a great privilege because of the company’s history of delivering value even as customers’ needs change.

“Our management team is talented and experienced, and our strategy gives me confidence that our future is bright. By keeping our promise to customers, we will drive shareholder value, create opportunity for our associates and grow our business,” McMillon said.

McMillon is following in Duke’s footsteps for the second time. He replaced Duke as president and CEO of Walmart International when Duke was elevated from that role to serve as CEO of Wal-Mart Stores, Inc.

“Mike put in place the building blocks for the next generation Walmart and today the company is stronger, more global and more unified across all our stores, mobile and online,” said Walton. “He also reinvigorated the productivity loop and delivered strong financial performance. During his tenure the company made critical investments in talent and technology to expand Walmart to even more customers globally and stepped up its progress on social and environmental issues. Mike also has a strong commitment to diversity, and has been especially engaged in advancing women throughout organization. He set a tone at the top to never be satisfied, to always accelerate and do better, while remaining true to the culture that has been core to the company’s success.”