Wal-Mart Stores CEO Steps Down; McMillon Named Successor
Wal-Mart Stores CEO and President Mike Duke is stepping down from those posts. The world's biggest retailer named Doug McMillon as his successor.
The 63-year-old Duke will stay on as chairman. The 47-year-old McMillon's appointments are effective Feb. 1, 2014. He previously served as CEO of Walmart International.
The announcement came just days before the kickoff of the holiday shopping season. Wal-Mart shares edged up in premarket trading.
McMillon will also join Wal-Mart's board. That appointment is effective immediately.