Wal-Mart Names New CEO

Wal-Mart Stores' board elected Doug McMillon to succeed Mike Duke as president and CEO, effective February 1, a move that one analyst said is "good news" for the company. 

 

McMillon, a 47-yaer-old who started out in retail giant's warehouse as a teen, was also elected to the company's board of directors, effective immediately.  Doug is the current head of Wal-Mart International, overseeing the company's growing interests in 26 countries. From 2006 to February 2009, he served as president and CEO of Wal-Mart unit Sam's Club.

 

"Doug is uniquely positioned to lead our growing global company and to serve the changing customer, while remaining true to our culture and values," said Rob Walton, chairman of Walmart's board of directors. "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.

 

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