Walmart US CEO Simon is out, replaced by Greg Foran

Walmart (NYSE:WMT) U.S. President and CEO Bill Simon announced plans to retire. He will be succeeded by Greg Foran.

Foran will assume his responsibilities on August 9 and will report directly to Walmart President and CEO, Doug McMillon. Simon will be available on a consulting basis for the next six months to ensure a seamless transition.

Foran, a 35-year retail veteran, joined Walmart in October 2011 and was named president and CEO of Walmart China in March 2012.

"Greg is one of the most talented retailers I've ever met. His depth of knowledge and global experience will bring a fresh perspective to our business," said McMillon. "His passion for fresh food, experience in general merchandise and commitment to e-commerce will help us serve our customers even more effectively for years to come."

"Being asked to lead the Walmart U.S. business is a privilege that I don't take lightly," said Foran. "I am excited to get started. The needs of our customers are changing dramatically and we have an enormous opportunity to serve them in new and different ways. We must be fierce advocates for our customers, work meticulously to exceed their expectations and earn their trust every day."

Simon is retiring after just eight years with the retailer.

"It's been an honor to work for Walmart over the past eight years, and this felt like the right time to move on and focus on my next opportunity. I look forward to helping the company as much as I can over the next six months," Simon said.

His replacement follows a flurry of executive changes at Walmart under the direction of new President and CEO, McMillon.

For more:
-See this Walmart press release

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