Nov 21, 2008 7:52 am US/Pacific
Wal-Mart's Chief Executive To Retire
BENTONVILLE, Ark. (AP) ―
Wal-Mart Stores Inc., the world's largest retailer, unexpectedly announced Friday its chief executive will retire in February and be replaced by the head of its international division, Mike Duke.
The Bentonville, Ark.-based retailer said Duke, 58, will take over the reins from Lee Scott, 59, effective Feb. 1. Duke also becomes a member of the board of directors effective immediately.
Scott will continue as chairman.
Additionally, Wal-Mart said Eduardo Castro-Wright, 53, was promoted to vice chairman, adding to his current titles of president and chief executive of Walmart U.S. He will take over the company's global procurement operation.
Amid financial-market turmoil and a marked decline in consumer spending, Wal-Mart Stores has been one of the best performers in a difficult retail environment, as consumers trade down to discounters.
The moves come a week after the retailer said third-quarter profit rose 10 percent as shoppers hunting for discounts snapped up early Christmas promotions.
The international business is the company's fastest-growing division. Its profit rose 11 percent during the third quarter, while U.S. profit rose 7 percent.
Scott joined Wal-Mart in 1979 as assistant director in the logistics division. He became president and chief executive in 2000.
Duke joined the company in 1995 and has served in a variety of posts, including president and chief executive of Wal-Mart Stores division in the U.S.
Before joining Wal-Mart, Duke had 23 years of experience as an executive at Federated Department Stores and May Department Stores-which today comprise Macy's Inc.
(© 2009 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)
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