Wal-Mart Announces New CEO

This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

Wal-Mart Stores Inc. has announced a company veteran to be named the next CEO.

Doug McMillon, 47, was elected by the board of directors to succeed Mike Duke as president and chief executive officer, according to a news release Monday (Nov.25). His new position will be effective February 1, 2014. McMillon was also elected to the company’s board of directors, effective immediately.

“The opportunity to lead Walmart is a great privilege,” McMillon said in the news release. “Our company has a rich history of delivering value to customers across the globe and, as their needs grow and change, we will be there to serve them. Our management team is talented and experienced, and our strategy gives me confidence that our future is bright. By keeping our promise to customers, we will drive shareholder value, create opportunity for our associates and grow our business.”

McMillon, a Jonesboro native, graduated from the University of Arkansas Fayetteville with a bachelor of science in business administration. For more on his bio, click HERE.