Wal-Mart Stores Inc. of Bentonville has named Brian Cornell, 50, the new president and CEO of Sam's Club.
Cornell's appointment is effective April 3. He replaces Doug McMillon, who became president and CEO of Wal-Mart International on Feb. 1. Cornell will report to Mike Duke, president and CEO of Wal-Mart Stores Inc.
"In searching for our new Sam's Club CEO, we wanted a leader who is strong, talented and people-oriented," Duke said. "We also wanted someone with broad experience in retail management, food merchandising and consumer product marketing. Above all, we looked for a leader who would live up to our brand and our culture. We found all of these things in Brian."
Sam's Club ended last fiscal year with $46.8 billion in sales, a 5.6 percent increase in revenue over the previous year. As of year end, there were 602 Sam's Clubs in the United States. The company plans to add between 15 and 20 new stores during the current fiscal year.
Cornell most recently worked as CEO of Michael's Stores Inc., a specialty retailer of arts and crafts merchandise. Before that, he was executive vice president and chief marketing officer for Safeway, a national grocery store chain.
