America's largest retailer is preparing for a change at the top, as Wal-Mart's president and CEO, Lee Scott, will step down early next year. He will be replaced as chief executive by 58-year-old Mike Duke, who was previously president of Wal-Mart International.
The change will go into effect Feb. 1. Scott will remain with the company as chairman of the executive committee of the board. The company also named Eduardo Castro-Wright vice chairman of Wal-Mart Stores, Inc., a position he will hold in addition to his duties as president and CEO of Walmart U.S.
The company also said it will name Duke's successor as Wal-Mart International president by the end of the fiscal year.