Wal-Mart CEO Glass Steps Down

Updated from 10:31 a.m. EST

Longtime Wal-Mart (WMT Quote) chief executive David Glass, who oversaw a vast expansion of the retailing giant during his 12-year tenure, will step down effective immediately and Lee Scott Jr., current chief operating officer and vice chairman, will take his place, the company said Friday.

Glass, 64, will stay on with the retail giant for a year as chairman of the executive committee of the board of directors, Wal-Mart said in a statement. Shares of Wal-Mart, based in Bentonville, Ark., showed little reaction to the news, rising a slight 1/4 to 65 3/8. (Mal-Mart closed down 5/8, or 0.96%, at 64 1/2.) ...