The world's biggest
retailer, Walmart, announced on 26 Oct 2103 that it is to replace its president
and chief executive, Mike Duke, who is stepping aside after a year in which the
company has struggled with sluggish sales and labour disputes.
Doug McMillon, currently CEO of Walmart's international division,
will replace Duke as president and CEO of Walmart Stores on 31 January. Duke
relinquishes the reins five years in charge, although he will stay on as
chairman of the company's executive committee.
Duke has overseen a disappointing period for Walmart. The company's
shares have underperformed, and it has found itself criticised over working
conditions. Activists are planning a series of strikes on Black Friday, seen as
one of the most important days in the US retail calendar.
McMillon, 47, is a veteran of the company. He worked as a
"summer associate" for Walmart in 1984 before returning in 1990, according
to his profile on Walmart’s corporate website. He was president and chief
executive of Sam's Club, a subsidiary of Walmart, from 2006 to 2009.
Duke, 63, will continue as chairman of the executive committee of
the board and stay on as an adviser to McMillon for a year. Duke will be paid
$1.1m for the year to January 31 2015, Walmart said in a regulatory filing.
Walmart shares were trading at $79.96 before the bell.
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