Doug McMillon will take over as CEO of Wal-Mart Stores WMT +0.78%, the company announced today. The board of directors elected McMillon to succeed current CEO Mike Duke beginning February 1, 2013.
The news comes after the company delivered a disappointing earnings report earlier this month. It announced that shoppers showed up less in the third quarter and bought less when they did make it into stores. Overall the retail giant reported $115.7 billion in revenue, up just 1.7% and below the $116.8 billion consensus estimate.
While some market watchers expressed surprise that the company would announce a major leadership change at the start of its critical holiday season Wal-Mart shares were up slightly to $80.21 in the morning following the news.
In a statement, chairman of the board Rob Walton called McMillon “uniquely positioned to lead our growing global company and to serve the changing customer, while remaining true to our culture and values.”
Currently McMillion serves as CEO of Walmart International. Calling McMillon a “merchant at heart,” Walton noted he has held leadership roles in each of the company’s sectors. Previously he served as CEO of Sam’s Club. McMillon, just 47, got his start with the retailer in 1984 as a summer associate in a Walmart Distribution Center.
McMillon’s Walmart International reported net sales were up .2% to $33.1 billion in the third quarter. Operating income was up 1.7% to $1.5 billion.
Duke will stay on as an advisor for one year and will continue in his role as chairman of the executive committee of the board.
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