Wal-Mart Stores Inc, the world's largest retailer, has said that its CEO Lee Scott will retire next February. Scott will be succeeded by Mike Duke, who heads company’s international operations. Rob Walton, chairman of the Wal-Mart board of directors said, "This management change occurs at a time of strength and momentum for Wal-Mart. 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.”
Scott, 59, has served as CEO for more than eight years. Scott became president and CEO of Wal-Mart's US division in 1998 and president and CEO for the corporation in 2000. Scott will continue serving as chairman of the executive committee of the board.