BENTONVILLE, Ark., Nov. 25 (UPI) -- U.S. retail giant Walmart Monday named company veteran Doug McMillon as successor to President and Chief Executive Officer Mike Duke.
Duke, 63, who is retiring, will stay on as chairman of the executive committee of the board and as an adviser to McMillon for one year, Walmart said.
McMillon, 47, was elected to the company's board effective immediately and will take over the day-to-day leadership Feb. 1. He currently works as the head of Walmart's international division. Prior to that,he was the CEO of Sam's Club for three years -- 2006 to 2009.
"This leadership change comes at a time of strength and growth at Walmart. The company has the right strategy to serve the changing customer around the world, and Doug has been actively involved in this process. The company has a strong management team to execute that strategy," Walmart board Chairman Rob Walton said in a statement.
"Doug is uniquely positioned to lead our growing global company and to serve the changing customer, while remaining true to our culture and values. He has broad experience -- with successful senior leadership roles in all of Walmart's business segments -- and a deep understanding of the economic, social and technological trends shaping our world."
"This is a great company and it has been an honor to help advance Sam Walton's vision of giving people around the world a better life," Duke said.