CEO change at world’s largest retailer
Wal-Mart has announced the election of Mike Duke to succeed Lee Scott as President and CEO, effective February 1, 2009.
The succession comes as the world’s largest retailer manages to post strong sales figures despite the troubles in the US. Discount retailers, and discount grocers in particular, have been among the few winners from global economic downturn, with the likes of Aldi making inroads in the UK and Australia as consumers look at ways to save money.
“This management change occurs at a time of strength and momentum for Wal-Mart,” claimed Rob Walton, Chairman of the Wal-Mart Board of Directors. “Our overall management team has never been stronger. We are confident that the strategy we have in place is the right one for future success and Mike has been actively involved in developing and executing this strategy.”
Mr Duke, who has previously been in charge of Wal-Mart’s Logistics Division, U.S. operations, and International operations, indicated he was “looking forward” to taking on the challenge of leading the American retailer. “Wal-Mart is very well positioned in today’s economy, growing market share and returns, and is more relevant to its customers than ever. Our strategy is sound and our management team is extremely capable,” Mr Duke said.
Mr Scott leaves Wal-Mart after almost thirty years of service as an associate, presiding over the company as President and CEO for the last nine years.