| November 21, 2008 Wal-Mart names Duke as next CEO
|
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
