Retailing giant Wal-Mart (WMT) announced Friday that Lee Scott will step aside as the firm's president and chief executive officer, with company executive Mike Duke tapped to takeover the roles.
The leadership transition will become effective on February 1, 2009, the company revealed. The world's biggest retailer said that Scott will continue serving as chairman of the executive committee of the board.
Wal-Mart also announced the promotion of Eduardo Castro-Wright to vice chairman of Wal-Mart Stores, effective immediately. Castro- Wright will assume management responsibility for the company's Global Procurement operation, the company said, along with his responsibilities as president and chief executive officer of Walmart U.S.
The 58-year-old Duke joined Wal-Mart in 1995 and has been serving as vice chairman of the firm's international division. He has served as president and CEO of Wal-Mart Stores Division (USA), according to the biography on Wal-Mart's website, with additional stints in various executive vice president and senior vice president roles.
The company revealed that it plans to make an announcement on Duke's successor at Wal-Mart International by the end of the fiscal year.
"I am looking forward to leading this great company," Duke said in a statement. "Wal-Mart is very well positioned in today's economy, growing market share and returns, and is more relevant to its customers than ever."
He went on to say, "our strategy is sound and our management team is extremely capable. I am confident we will continue to deliver value to our shareholders, increase opportunity for our over 2 million associates, and help our 180 million customers around the world save money and live better."
Lee Scott commented on the leadership transition as well, saying "It has been an honor to serve as the CEO of Wal-Mart Stores, Inc. and to work with our dedicated Wal-Mart and Sam's Club associates around the world."
For comments and feedback contact: editorial@rttnews.com
May 22, 2026 14:46 ET Minutes of the latest Fed policy session was the highlight of the week along with survey data on the U.S. housing market. In Europe, survey data signaled the trends in the euro area private sector. Further, consumer price inflation data from the U.K. was in focus. In Asia, various economic indicators from China drew attention to the health of the economy.