Doug McMillon has been appointed to succeed Mike Duke as president and chief executive of the world’s largest retailer, Walmart.

Walmart appoints Doug McMillon as new chief executive

McMillon, who is currently Walmart International boss, will take up the role on February 1, 2014 when Duke will retire.

McMillon had been tipped to take over at the global retail giant, which owns Asda.

Walmart chairman Rob Walton said: “This leadership change comes at a time of strength and growth at Walmart. 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. 

“Doug is uniquely positioned to lead our growing global company and to serve the changing customer, while remaining true to our culture and values. He has broad experience – with successful senior leadership roles in all of Walmart’s business segments – and a deep understanding of the economic, social and technological trends shaping our world.”

He added: “A merchant at heart, Doug has both a long history with our company and a keen sense of where our customers globally are heading next. He has also shown strong leadership on environmental sustainability and a commitment to using Walmart’s size and scale to make a difference in the lives of people, wherever they might be.”

McMillon said: “The opportunity to lead Walmart is a great privilege. Our company has a rich history of delivering value to customers across the globe and, as their needs grow and change, we will be there to serve them. Our management team is talented and experienced, and our strategy gives me confidence that our future is bright. By keeping our promise to customers, we will drive shareholder value, create opportunity for our associates and grow our business.”    

Duke will continue serving as chairman of the executive committee of the board and, in the tradition of his predecessors, stay on as an advisor to McMillon for one year.

Walmart intends to appoint McMillon’s successor by the end of the fiscal year.