Wal-Mart names Mike Duke new CEO

NEW YORK: Wal-Mart Stores, the world's biggest retailer, announced on Friday the appointment of Mike Duke, a company vice chairman, as the new chief executive effective February 1.

Duke, 58, will succeed Lee Scott as president and chief executive officer. Duke was also elected to the company's board of directors, effective immediately.

"This management change occurs at a time of strength and momentum for Wal- Mart," said Rob Walton, chairman of the Wal-Mart board of directors.

"Mike Duke is a highly respected executive both domestically and internationally, with broad experience throughout the company, having successfully led Wal-Mart's Logistics Division, US operations, and international operations," said Walton.

"He understands retail and appreciates the complex global environment in which we operate. He is committed to the culture of Wal-Mart, its mission, and to our associates and customers. He has built strong teams wherever he has led."
Scott will continue serving as chairman of the executive committee of the board.

The board also approved the promotion of Eduardo Castro-Wright, 53, to vice chairman, effective immediately.