Estimated read time: Less than a minute
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
BENTONVILLE, Ark. (AP) - Wal-Mart Stores CEO and President Mike Duke is stepping down from those posts. The world's biggest retailer named Doug McMillon as his successor. The 63-year-old Duke will stay on as chairman.
The 47-year-old McMillon's appointments are effective Feb. 1, 2014. He previously served as CEO of Walmart International.
The announcement came just days before the kickoff of the holiday shopping season.
Wal-Mart shares edged up in premarket trading.
McMillon will also join Wal-Mart's board. That appointment is effective immediately.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)