C. Douglas McMillon is picking up the reins at Wal-Mart Stores Inc., the world’s largest retailer.
He takes the top job on Jan. 31, when Mike Duke steps down from his role as chief executive officer and president, according to a regulatory filing today.
Duke, 63, will remain chairman of the board’s executive committee and will continue to be an employee of the company until Jan. 31, 2015.
McMillon, 47, is currently president and ceo of the retailer’s international unit. He has been added to Wal-Mart’s board, effectively immediately.
McMillon has led Wal-Mart International since January 2009 and will continue to serve in that capacity until he succeeds Duke as ceo. He served as president and ceo of Sam’s Club for four years before taking on his international duties. Earlier, he was executive vice president of Sam’s Club with responsibility of merchandising and replenishment for three years and senior vice president and general merchandise manager of Wal-Mart U.S. for three years. He joined the company in 1990.
“Doug is uniquely positioned to lead our growing global company and to serve the changing customer, while remaining true to our culture and values,” said Rob Walton, chairman of Wal-Mart. “He has broad experience — with successful senior leadership roles in all of Wal-Mart’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,” Walton added.
Wal-Mart said it would name a successor to McMillon as ceo of Wal-Mart International by the end of its fiscal year.
Duke has been president and ceo of Wal-Mart since 2009 and previously served as vice chairman with responsibility for international beginning in 2005 and as president and ceo of Wal-Mart U.S. beginning in 2003.
Doug McMillon Fact Box
Education: University of Arkansas in Fayetteville, B.S. in business administration
University of Tulsa, M.B.A. in finance
Title: President and chief executive officer of Wal-Mart International
Responsibilities: Oversees 6,300 stores and more than 823,000 associates in 26 countries outside the U.S.
Total compensation for fiscal year ended Jan. 31: $9.6 million
Tenure at Wal-Mart: 22 years
1984: Began his career at Wal-Mart as a summer associate in a distribution center
1990: While pursuing his M.B.A., rejoined the company as a buyer trainee in a Tulsa, Okla., store.
1990-2005: Held various merchandising positions at Wal-Mart U.S., with experience primarily in food, apparel and general merchandise.
2006: Became president and ceo of Sam’s Club.
2009: Named president and ceo of Wal-Mart International.