Wal-Mart Names Doug McMillon CEO to Succeed Mike Duke
Source: Bloomberg
Wal-Mart Stores Inc. said Doug McMillon, head of its international business, will replace Mike Duke as chief executive officer when he retires as the world’s largest retailer struggles to ignite growth at home and abroad.
McMillon, 47, will take over for Duke, on Feb. 1, the Bentonville, Arkansas-based company said today in a statement. Duke, 63, will stay on as chairman of the board’s executive committee, and McMillon also has been named to the board, effective immediately.
McMillon, who first worked at Wal-Mart as a summer employee in 1984, will grab the reins as the retailer tries to restore U.S. sales growth with Amazon.com Inc. and dollar stores luring away its customers. Overseas, where McMillon was in charge, Wal-Mart has been accelerating its expansion in China and other emerging markets while probing allegations of bribery in Mexico and possible violations of the Foreign Corrupt Practices Act.
“International had definitely run into its issues,” David Strasser, an analyst at Janney Montgomery Scott LLC in New York, said today in an interview. The move will maintain the “status quo” for investors.
Read more: http://www.bloomberg.com/news/2013-11-25/wal-mart-names-doug-mcmillon-ceo-to-succeed-mike-duke.html
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