Wal-Mart appoints Duke as CEO

Wal-Mart has announced that its board of directors has elected Mike Duke to succeed Lee Scott as President and Chief Executive Officer, effective February 2009. Scott will continue serving as Chairman of the executive committee of the board. The board also approved the promotion of Eduardo Castro-Wright to Vice Chairman, effective immediately. In addition to his current responsibilities as president and CEO of Wal-Mart US, Castro-Wright will assume management responsibility for the company’s Global Procurement operation. “This management change occurs at a time of strength and momentum for Wal-Mart,” said Rob Walton, Chairman of the Wal-Mart board of directors. “Our overall management team has never been stronger. We are confident that the strategy we have in place is the right one for future success and Mike has been actively involved in developing and executing this strategy. We are also pleased that our succession and management development process continues to develop leaders internally.” “Mike Duke is a highly-respected executive both domestically and internationally, with broad experience throughout the company, having successfully led Wal-Mart’s Logistics Division, US operations, and International operations,” said Walton. “He understands retail and appreciates the complex global environment in which we operate. He is committed to the culture of Wal-Mart, its mission, and to our associates and customers. He has built strong teams wherever he has led.” Duke stated: “I am looking forward to leading this great company. Wal-Mart is very well positioned in today’s economy, growing market share and returns, and is more relevant to its customers than ever. Our strategy is sound and our management team is extremely capable. I am confident we will continue to deliver value to our shareholders, increase opportunity for our over two million associates, and help our 180 million customers around the world save money and live better.” The company indicated that it plans to make an announcement on Duke’s successor as president of Wal-Mart International by the end of the fiscal year.

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