Wal-Mart Stores Inc. Announces Lee Scott Retiring as CEO, Mike Duke to Fill Position

In a surprise announcement on Friday retail giant Wal-Mart Stores Inc. (NYSE:WMT), announced CEO Lee Scott would be retiring in February and Mike Duke, currently the vice chairman of Wal-Mart’s international division, would be taking over.

While Scott will step down Feb. 1, 2009 he will continue in his role as chairman of the executive committee of the board and act as an adviser to Duke.

Duke has overseen the expansion of Wal-Mart’s international presence and the company’s international profit rose 11 percent last quarter. Taking over as CEO, Duke will also become a member of the board effective immediately.

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