Lee Scott will retire as chief executive of Wal-Mart to be replaced by Mike Duke, the retailer said today.
Duke will leave his current position of head of international operations early next year, the firm revealed. Eduardo Castro-Wright will become vice chairman immediately.
Board of directors chairman Rob Walton said: “Mike Duke is a highly respected executive both domestically and internationally, with broad experience throughout the company, having successfully led Wal-Mart’s logistics division, US operations, and international operations.
“He understands retail and appreciates the complex global environment in which we operate.
“He is committed to the culture of Wal-Mart, its mission, and to our associates and customers. He has built strong teams wherever he has led.”
Recently, Scott told reporters that the company still sees opportunities despite the bleak financial outlook.
