Walmart elects new chief executive officer

US-based retail giant Walmart Stores Inc has announced the election of vice-chairman of international operations Mike Duke to succeed Lee Scott as group president and chief executive officer.

The move, which will see Mr Scott remain in his role as chairman of the executive committee of the board, will come into force on 1 February 2009.

'I am looking forward to leading this great company. Walmart is very well positioned in today's economy, growing market share and returns, and is more relevant to its customers than ever,' said Mr Duke. 'Our strategy is sound and our management team is extremely capable. I am confident that we will continue to deliver value to our shareholders, increase opportunity for out over 2m associates, and help our 180m customer around the world save money and live better.'

Rob Walton, chairman of the Walmart board of directors, welcomed the change to the management structure, emphasising the strength of Walmart's current position and the importance of developing leaders within the Walmart structure.

'Mike Duke is a highly respected executive both domestically and internationally, with broad experience throughout the company, having successfully led Walmart's logistics division, US operations and international operations,' said Mr Walton. 'He understands retail and appreciates the complex global environment in which we operate.'

He also praised the contribution of outgoing CEO Lee Scott, who he said had made an 'extraordinary contribution' to the group, leading it with 'humility and grace'.

'It has been an honour to serve as the CEO of Walmart Stores Inc,' said Mr Scott. 'It has been a privilege to lead the company that Sam Walton created, a company that continues to live the mission and culture he established.'

Additionally, the board approved the promotion of Walmart US CEO Eduardo Castro-Wright to the role of vice-chairman of Walmart Stores Inc, where he will assume management control of global procurement on top of his existing responsibilities.

The management changes follow a successful third quarter for Walmart, which saw steady sales growth defy the current slowing global economy. Net sales for the period ended 31 October 2008 increased by 7.5 percent to US$97.6bn, up from a total of US$90.8bn for the third quarterof 2007.