Wal-Mart announced CEO Mike Duke will retire early next year and be succeeded by long-time company exec Doug McMillon.
McMillon, 47, is president and CEO of Wal-Mart International, and was named to the company’s board effective immediately and will become CEO on Feb. 1.
McMillon presently oversees Wal-Mart’s global operations, which includes 6,300 stores and more than 823,000 employees in 26 countries, according to the company.
McMillon been with the retailer since in 1984.
Duke, 63, will continue serving as chairman of the board’s executive committee and stay on as an adviser to Mr. McMillon for one year.
Mr. Duke has been president and CEO of Wal-Mart since February 2009.