Wal-Mart Names Doug McMillon CEO to Succeed Mike Duke
Source: Bloomberg
Wal-Mart Stores Inc. said Doug McMillon, head of its international business, will replace Mike Duke as chief executive officer when he retires as the worlds largest retailer struggles to ignite growth at home and abroad.
McMillon, 47, will take over for Duke, on Feb. 1, the Bentonville, Arkansas-based company said today in a statement. Duke, 63, will stay on as chairman of the boards executive committee, and McMillon also has been named to the board, effective immediately.
McMillon, who first worked at Wal-Mart as a summer employee in 1984, will grab the reins as the retailer tries to restore U.S. sales growth with Amazon.com Inc. and dollar stores luring away its customers. Overseas, where McMillon was in charge, Wal-Mart has been accelerating its expansion in China and other emerging markets while probing allegations of bribery in Mexico and possible violations of the Foreign Corrupt Practices Act.
International had definitely run into its issues, David Strasser, an analyst at Janney Montgomery Scott LLC in New York, said today in an interview. The move will maintain the status quo for investors.
Read more: http://www.bloomberg.com/news/2013-11-25/wal-mart-names-doug-mcmillon-ceo-to-succeed-mike-duke.html
Scuba
(53,475 posts)Jesus Malverde
(10,274 posts)Myrina
(12,296 posts)1. Workers with no disposable income cannot shop at your store
2. Having 10 fucking WalFarts in every city and town is called Market Saturation and is not profitable
3. Shoppers will quickly realize, and no longer frequent your stores, when your merch is SHIT.
For starters ....