Wal-Mart Stores Inc. on Monday said its board of directors has named Doug McMillon to succeed Mike Duke as president and chief executive officer.
McMillon, 47, will take over Feb. 1 for Duke, 63, who has led the company since February 2009, the company said.
McMillon was also elected to the Bentonville-based retailer's board of directors, effective immediately, Wal-Mart said in a statement.
"This leadership change comes at a time of strength and growth at Walmart," Wal-Mart board of directors Chairman Rob Walton said. "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."
Duke will stay on as chairman of the executive committee of the board and as an adviser to McMillon for one year, the company said. The company plans to announce McMillon's successor as CEO of Walmart International by the end of the fiscal year, it said.
Read tomorrow's Arkansas Democrat-Gazette for full details.