Doug McMillon is to succeed Mike Duke as president and chief executive officer of Walmart.
The move becomes effective as of 1 February, 2014, although long-serving Walmart employee McMillon has also been elected to the company’s board of directors, effective immediately.
McMillon, 47, is currently CEO of Walmart International, andoversees 6,300 stores in Walmart's operations outside of the US, with more than 800,000 employees in 26 different countries. This includes Asda in the UK. Duke, meanwhile, who is 63 years old, is due to retire.
Rob Walton, chairman of Walmart’s board of directors, said: “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.”
He added: “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.'
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 added:“This is a great company and it has been an honor to help advance Sam Walton’s vision of giving people around the world a better life. Our associates make it all possible and I’ve learned so much from them. No matter where I traveled, our associates continued to inspire me with their commitment to living our values, serving our customers and taking care of each other.”
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. The company plans to make an announcement on McMillon’s successor as CEO of Walmart International by the end of the fiscal year.
