Wal-Mart Stores veteran Doug McMillon, 47, will succeed Mike Duke, 63, as president and CEO, effective Feb. 1, 2014, the company announced Monday morning.
Wal-Mart International president and CEO Doug McMillon was given the nod over Walmart U.S. president and CEO Bill Simon to take the top post. McMillon will join the board effective immediately. 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.
“The opportunity to lead Walmart is a great privilege,” McMillon said. “Our company has a rich history of delivering value to customers across the globe and, as their needs grow and change, we will be there to serve them. 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.”
Walmart, far and away the world’s largest retailer, ranked fourth on the most recent HCN Top 300 Retailer Scoreboard of home improvement retailers.