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Walmart CEO Duke to retire; McMillon tabbed as successor
November 25th, 2013
BENTONVILLE, Ark. – Walmart has named Doug McMillon to replace the retiring Mike Duke as president and chief executive officer, effective Feb. 1.
The discount store giant announced the CEO succession plan on Monday. Duke has served as Walmart's CEO since 2009, when he succeeded Lee Scott. McMillon has been president and CEO of Walmart International, a position he has held since 2009.
"This leadership change comes at a time of strength and growth at Walmart," said Rob Walton, chairman, in a statement. "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."
Walmart is the nation's third-largest retail pharmacy operator by sales, with estimated pharmacy sales of $22.5 billion, and the fourth largest by pharmacy count, with 4,546 pharmacies overall, according to Chain Drug Review's 2013 Annual Report of Retail Pharmacy.
Before his current role, McMillon had been president and CEO of Sam’s Club from 2006 to 2009. McMillon started his career at Walmart with a summer job in a distribution center. He has also held merchandising roles in the Walmart U.S. division, with experience in food, apparel and general merchandise.
"Doug is uniquely positioned to lead our growing global company and to serve the changing customer, while remaining true to our culture and values," Walton continued. "He has broad experience, with successful senior leadership roles in all of Walmart’s business segments, and a deep understanding of the economic, social and technological trends shaping our world. A merchant at heart, Doug has both a long history with our company and a keen sense of where our customers globally are heading next."
Before being named CEO, Duke had served as vice chairman, with responsibility for Walmart International, from 2005 to 2009. Prior to that, he led logistics, distribution and administration after joining the company in 1995.
"Mike put in place the building blocks for the next-generation Walmart and today the company is stronger, more global and more unified across all our stores, mobile and online," said Walton. "He also reinvigorated the productivity loop and delivered strong financial performance."