Traverse City Record-Eagle

Business

November 26, 2013

Wal-Mart CEO leaving; McMillon is successor

BENTONVILLE, Ark. (AP) — Wal-Mart Stores Inc. is ushering in a changing of the guard as the world’s largest retailer confronts slower growth and challenges to its reputation.

Doug McMillon, head of Wal-Mart’s international division, will succeed CEO and President Mike Duke, 63, when he steps down on Feb 1 after five years in those roles. McMillon, a 23-year company veteran, will become the fifth CEO since Wal-Mart’s founder Sam Walton.

The change at the top is indicative of a recent shift in strategy at the company best known for its cutthroat pricing and big box stores. McMillon, 47, is expected to infuse a youthful spirit into Wal-Mart’s culture at a time when the company is trying to reinvent itself to attract a generation of shoppers who gravitate toward tablets and mobile devices.

The move also is a testament to the company’s continued focus on its international division. McMillon, who started at the company in 1984 as a summer intern, left and came back in 1990 to work at a Wal-Mart store before holding several jobs, including a three-year stint as president and CEO of the Sam’s Club division.

But in February 2009, he succeeded Duke to head the international division, which accounted for 29 percent of its $466.1 billion in annual net sales in Wal-Mart’s latest fiscal year.

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