Wal-Mart’s board of directors has elected head of overseas operations Mike Duke to succeed Lee Scott as president and chief executive in a move that signals its intention to continue with its overseas expansion programme.
Duke – who joined the retailer in 1995 and has served as vice-president of administration, senior vice-president of logistics and distribution and most recently headed up its international division – will take the reins at the beginning of February.
Scott will continue to serve as chairman of the executive committee of the board and will also act as a mentor to the incoming chief executive initially.
Planet Retail global research director Bryan Roberts said: “Duke is a strong retailer and this is a good move for Wal-Mart.”
He added, given Duke’s international experience, the retailer is likely to ramp up its search for new markets, but added that this would not be “earth-shattering”. He said that under Duke’s leadership, Wal-Mart has already implemented investigations into new markets in Eastern Europe, Russia and central Asia.
“Clearly Wal-Mart will become a more international business and Duke’s experience in that area will help,” said Roberts. “But given what has already been done, it will be more of the same.”
As part of the boardroom reshuffle Eduardo Castro-Wright, who had been seen by many as a candidate for the top job, has been promoted to vice-chairman of Wal-Mart, a role that he will undertake alongside his existing responsibilities as president and chief executive of Wal-Mart US.
Rob Walton, chairman of the Wal-Mart board of directors and son of founder Sam Walton, said: “This occurs at a time of strength and momentum for Wal-Mart.” He added that Duke “understands retail and appreciates the complex global environment in which we operate”.
Wal-Mart will announce Duke’s successor as president of Wal-Mart International by the end of the financial year.
Scott will continue to serve as chairman of the executive committee of the board and will also act as a mentor to the incoming chief executive initially.
Planet Retail global research director Bryan Roberts said: “Duke is a strong retailer and this is a good move for Wal-Mart.”
He added, given Duke’s international experience, the retailer is likely to ramp up its search for new markets, but added that this would not be “earth-shattering”. He said that under Duke’s leadership, Wal-Mart has already implemented investigations into new markets in Eastern Europe, Russia and central Asia.
“Clearly Wal-Mart will become a more international business and Duke’s experience in that area will help,” said Roberts. “But given what has already been done, it will be more of the same.”
As part of the boardroom reshuffle Eduardo Castro-Wright, who had been seen by many as a candidate for the top job, has been promoted to vice-chairman of Wal-Mart, a role that he will undertake alongside his existing responsibilities as president and chief executive of Wal-Mart US.
Rob Walton, chairman of the Wal-Mart board of directors and son of founder Sam Walton, said: “This occurs at a time of strength and momentum for Wal-Mart.” He added that Duke “understands retail and appreciates the complex global environment in which we operate”.
Wal-Mart will announce Duke’s successor as president of Wal-Mart International by the end of the financial year.
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