Wal-Mart CEO Scott will retire in February
Published: Sat, Nov. 22, 2008 12:30AM
Modified Sat, Nov. 22, 2008 01:45AM
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closeNEW YORK -- Wal-Mart, the world's largest retailer, unexpectedly announced Friday that its chief executive will retire in February and be replaced by the head of its international division.
The surprise change in leadership right before the crucial holiday season comes as Wal-Mart has roared back to success as people looking for bargains shop more at discounters.
Still, the company faces hurdles ahead amid slowing growth in the United States, and analysts say the decision to tap an international executive shows that the company sees its future growth oversees.
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Bentonville, Ark.-based Wal-Mart said Mike Duke, 58, vice chairman of its international division, will take the reins from Lee Scott, 59, on Feb. 1. Duke becomes a member of the board of directors immediately.
Scott, who joined Wal-Mart in 1979 and became president and CEO in 2000, will continue as chairman of the executive committee of the board until January 2011, said Wal-Mart spokesman Dave Tovar. He will also serve as an adviser to Duke until 2011.
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