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Reshuffle of Wal-Mart executives
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Wal-Mart Stores CEO and President Mike Duke plans to step down on February 1, and the company says Doug McMillon, head of international operations, will succeed him.
Duke, 63, who had been with Wal-Mart since 1995, had been at the helm since February 2009. Duke will stay on as chairman. McMillon, 47, marks the fifth CEO since Wal-Mart’s founder Sam Walton, and all of them have been home-grown with years of experience before taking the helm.
McMillon was also elected to the company’s board of directors, effective immediately.
McMillon, who succeeded Duke as head of the international business four years ago, is a 23-year company veteran. He started as a summer associate in a Wal-Mart distribution center in 1984 and then in 1990, he rejoined Wal-Mart at a Tulsa, Oklahoma, store. He then moved up the executive ladder, working in a variety of merchandising jobs at the Wal-Mart US division. Before he took over international operations, McMillon served as president and CEO of Sam’s Club from 2006 to 2009.
“This leadership change comes at a time of strength and growth at Wal-Mart,” 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.”
The notice came just days before the start of the holiday shopping season. It also comes as Wal-Mart is trying to boost sales in the US and abroad amid a challenging global economy that’s weighing on its low-income shoppers.
It’s also confronting allegations of bribery in its Mexico operations that surfaced in April 2012 and criticism over its treatment of its hourly workers.
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