Doug McMillon New CEO of Wal-Mart Stores

Wal-Mart Stores, Inc. (NYSE: WMT) announced Monday that its board of directors elected company veteran Doug McMillon, 47, to succeed Mike Duke, 63, as president and chief executive officer (CEO), effective Feb. 1, 2014.

McMillon was also elected to the company’s board of directors, effective immediately.

“This leadership change comes at a time of strength and growth at Walmart,” said 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 serving as chairman of the executive committee of the board and, in the tradition of his predecessors, stay on as an advisor to McMillon for one year.

The company plans to make an announcement on McMillon’s (pictured above) successor as CEO of Walmart International by the end of the fiscal year.

Photo courtesy: Wal-Mart Stores

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