NEW YORK (TheStreet) - Wal-Mart Stores (WMT) said Monday that CEO Mike Duke is retiring in January to be succeeded by Doug McMillion, head of its international business, a move that sends a clear signal about the global retailer's growth plans.
Shares were rising 0.5% on the announcement to $80.24.
The Bentonville, Ark.-based company said that McMillion, 47, will succeed Duke, 63, as president and CEO on Feb. 1, 2014. McMillon was also elected to the company's board of directors, effective immediately.
|Wal-Mart has named Doug McMillion, head of its international business, its new president and CEO.|
"This leadership change comes at a time of strength and growth at Walmart," said Rob Walton, chairman of Wal-Mart'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."
"Doug is uniquely positioned to lead our growing global company and to serve the changing customer, while remaining true to our culture and values. 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," Walton said. "A merchant at heart, Doug has both a long history with our company and a keen sense of where our customers globally are heading next. He has also shown strong leadership on environmental sustainability and a commitment to using Walmart's size and scale to make a difference in the lives of people, wherever they might be."