Business News
Wal-Mart replaces chief executive
Nov 22, 2008, 7:53 GMT
New York - In an unexpected move, Wal-Mart Stores Inc said Friday it would replace its chief executive of nine years.
Lee Scott, 59, will retire February 1 and be replaced by Mike Duke, 58, who has led the company's international division since 2005.
Scott, who has been with the world's largest retailer for nearly 30 years, will remain chairman of the executive committee of the board.
The change comes at a time of uncertainty in the US retail market with the financial crisis hanging over the holiday shopping season. But discounter Wal-Mart looks poised to benefit from more cost- conscious shoppers and it was set to be the top earner in the Dow Jones Industrial Average for the year, Bloomberg financial news reported.
In the third quarter, the Bentonville, Arkansas-based company reported earnings rose nearly 10 per cent to 3.14 billion dollars.
Duke would be the fourth chief executive in Wal-Mart's 50-year history. Founder Sam Walton ran the company from 1962 to 1988, and his son, Rob Walton, is now chairman of the board.
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