Doug McMillon named new CEO of Walmart

The world's largest retailer has appointed a new chief executive officer (CEO), 47 year old Doug McMillon. He will succeed Mike Duke at the beginning of February.

Ron Walton, chairman of Walmart said:

A merchant at heart, Doug has both a long history with our company and a keen sense of where our customers globally are heading next.

McMillon currently serves as president and chief executive officer of Walmart International and is the former CEO of Sam's Club.

Speaking of his appointment today, McMillon said:

The opportunity to lead Walmart is a great privilege.

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.

Mike Duke has been with the company since 1995 and will continue to to serve as chairman of the executive committee of the board.