BENTONVILLE, AR-Doug McMillon, a Walmart veteran who learned about retail from Sam Walton himself, will succeed Mike Duke as president and CEO come Feb. 1, 2014, the world's largest retailer announced Monday. McMillon was also elected to the company's board of directors, effective immediately.
At present, McMillon is president and CEO of Walmart International, which operates more than 6,300 stores and employs more than 823,000 associates in 26 countries outside the US. Between 2006 and 2009, he served as president and CEO of Sam's Club, an operating segment of Walmart, with sales of more than $46 billion during his tenure.
“This leadership change comes at a time of strength and growth at Walmart,” says Rob Walton, chairman of Walmart's board of directors. “The company has the right strategy to serve the changing customer around the world, and Doug has been actively involved in this process. The company has a strong management team to execute that strategy.”
Duke will continue as chairman of the executive committee of the board and, in the tradition of his predecessors, will stay on as an advisor to McMillon for one year following retirement as president and CEO. The company plans to make an announcement on McMillon's successor as CEO of Walmart International by the end of the fiscal year.
Retail consultant Burt Flickinger of Strategic Resource group told Bloomberg on Monday that McKinnon's strong background in store operations and knowledge of consumer behavior could help him boost US sales, although he has struggled to achieve growth in China and Brazil. “He knows how to do it because he spent most of his Wal-Mart life in retail operations and buying,” Flickinger told Bloomberg, “The stores have suffered from a lack of investment in people and adequate stocking levels.”
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.