Published on Friday, November 21, 2008
By Daily Bulletin Staff Writer
NEW YORK - The world's largest retailer, Wal-Mart Stores Inc., based in Bentonville, Ark., unexpectedly announced Friday that its chief executive will retire in February and be replaced by the head of its international division.
Lee Scott, 59, has been with the company since 1979, becoming president and CEO in 2000. Scott's retirement will be effective Feb. 1. He will continue as chairman of the executive committee of the board until January 2011 and will also serve as an adviser to the new CEO until 2011. Scott joined Wal-Mart in 1979 as assistant director in the logistics division. He became president and chief executive in 2000.
Mike Duke, 58, currently vice chairman of Wal-Mart's international division, becomes a member of the board of directors immediately. Duke joined the company in 1995 and has served in a variety of posts, including president and chief executive of Wal-Mart Stores division in the U.S
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