WalMart Stores Inc named company veteran Doug McMillon to replace chief executive Mike Duke, who will retire on January 31 after five years at the helm of the world’s largest retailer.
McMillon, 47, is currently CEO of Walmart’s international division. He will start in his new role on February 1, the company said in a statement.
McMillon was promoted to his current role as head of the company’s second-largest operating unit in January 2009. Prior to that, he was president and CEO of Sam’s Club.
“McMillon was responsible for the growth area for Walmart — global sales — and that’s why he got the nod,” said Walter Loeb, president of retail consultancy Loeb Associates.
Walmart has struggled to find traction in the US, with its comparable sales frequently missing Wall Street estimates. The retailer has faced intense competition from dollar stores and other discounters such as Target Corp.