By  on February 3, 2014

Doug McMillon is ushering in a new era at Wal-Mart Stores Inc.

The 47-year-old executive today takes over as chief executive officer of the world’s largest retailer as it faces slowing growth in the U.S. and increasing competition worldwide — including from online players like Amazon. McMillon succeeds the 63-year-old Mike Duke, who is retiring today but will continue as chairman of the executive committee and, in the tradition of his predecessors, will become an adviser to McMillon for one year.

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