NEW YORK (CBS) – Wal-Mart Stores Inc. (WMT) says U.S. discount-store chief Bill Simon is stepping down.
The world’s largest retailer has named the head of its Asian business as his replacement.
The Bentonville, Arkansas-based retailer says that Greg Foran, 53, president and CEO of Wal-Mart Asia, will succeed Simon.
Simon helmed the Wal-Mart U.S. division since June 2010. The changes will take effect Aug. 9. The company says Simon will be available on a consulting basis for the next six months to ensure a seamless transition.
Foran will report directly to Doug McMillon, who took over as president and CEO of Wal-Mart Stores Inc. in February.
The company said in a statement that Foran’s replacement to run its Asian business will be named at a later time.
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