Mike Duke

Mike Duke, Walmart's CEO elect

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

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

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

Rob Walton, chairman of the Walmart board of directors, welcomed thechange to the management structure, emphasising the strength ofWalmart's current position and the importance of developing leaderswithin the Walmart structure.

'Mike Duke is a highly respected executive both domestically andinternationally, with broad experience throughout the company, havingsuccessfully led Walmart's logistics division, US operations andinternational operations,' said Mr Walton. 'He understands retail andappreciates the complex global environment in which we operate.'

He also praised the contribution of outgoing CEO Lee Scott, who hesaid had made an 'extraordinary contribution' to the group, leading itwith '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 SamWalton created, a company that continues to live the mission andculture he established.'

Additionally, the board approved the promotion of Walmart US CEOEduardo Castro-Wright to the role of vice-chairman of Walmart StoresInc, where he will assume management control of global procurement ontop of his existing responsibilities.

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