Wal-Mart Names Duke as Next CEO

By Anne D'innocenzio

NEW YORK -- Wal-Mart (WMT Quote), the world's largest retailer, unexpectedly announced Friday that its chief executive will retire in February and be replaced by the head of its international division.

The Bentonville, Ark.-based retailer said Mike Duke, 58, vice chairman of its international division, will take the reins from Lee Scott, 59, effective Feb. 1. Duke also becomes a member of the board of directors immediately.

Scott, who became president and CEO in 2000 and has been with the company since 1979, will continue as chairman of the executive committee of the board until January 2011, according to Wal-Mart spokesman Dave Tovar. He will also serve as an adviser to Duke until 2011. ...