Posted 1/7/2009 08:08 am
Updated 2 years ago
Wal-Mart Stores Inc. of Bentonville announced Wednesday that Doug McMillon, 42, will be promoted to president and CEO of Wal-Mart International, the company's second largest operating segment.
McMillon is now president and CEO of Sam's Club. He will report to Mike Duke, who was named to succeed Lee Scott as the company's president and CEO. Both will assume their new roles Feb. 1.
"Doug is joining Wal-Mart International at a time of strength and momentum," Duke said in a news release. "We have a strategy to win in all markets, and our international team is exceptionally strong across the board. We have never had a more talented group of regional leaders and country presidents. We will continue to focus on emerging markets with strong growth potential, as well as established markets that we believe have the potential to deliver consistently strong returns."
Wal-Mart is focusing much of its efforts on international growth at a time when the U.S. economy is in recession. Even still, Wal-Mart remains a rare bright spot in the U.S. retail landscape as one of the few retailers seeing monthly same-store sales gains during the downturn.
Wal-Mart said McMillon began his Wal-Mart career as an hourly employee, unloading trucks at a distribution center, while he worked his way through college. He has been with the company 18 years.
Wal-Mart said McMillon's successor as president and CEO of Sam's Club will be named at a later date.
Wal-Mart said its international division accounts for about 25 percent of the company's revenue. Through the 43-week period ending Nov. 28, Wal-Mart International sales were more than $80.6 billion. It operates more than 3,300 stores under more than 50 banners.