Walmart Stores (NYSE: WMT) has announced that its president and CEO Mike Duke is retiring effective Feb. 1. The company's board of directors has Doug McMillon, president and CEO of Walmart International, as Duke's successor.
Duke, 63, who has been with Walmart since 1995, has been at the helm since February 2009. He plans to stay with the company as chairman and advise McMillion for a year.
McMillon, 47, has a long history with Walmart, having started out as a summer employee working in the warehouse when he was just a teen in 1984. He rejoined the company in 1990, where he began his climb up the ranks, working in various merchandising positions in Walmart's U.S. division. In 2006 McMillion became president and CEO of Sam's Club. Most recently, he was head of Walmart International, where he has served since 2009 and oversees more than 6,300 stores and more than 823,000 associates in 26 countries outside the U.S.
"This leadership change comes at a time of strength and growth at Wal-Mart," Rob Walton, chairman of Walmart's board of directors, said in a statement. "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."
The company plans to announce McMillon's successor as CEO of Walmart International by the end of the fiscal year, it said.
For more see:
This Walmart press release
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