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Wal-Mart Replaces Its CEO
November 21, 2008 12:31 PM
ABC News’ Daniel Arnall reports: The world’s largest retailer announced today that CEO Lee Scott will step down Feb. 1 and be replaced by Mike Duke.
Duke is currently an executive in Wal-Mart’s international division and spent the early part of his career with Federated and May Department Stores. Scott will remain with the company as chairman of the board.
“Wal-Mart is very well positioned in today's economy, growing market share and returns, and is more relevant to its customers than ever,” Duke said in a company news release announcing the change. “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.”
The surprise move ends Scott’s rather uneven tenure as CEO. He held that post since January 2000. Investors had been disappointed with the stock performance during his years at the helm. Scott also dealt with a few public missteps, attempting to move the discounter to higher-fashion brands, and publicly fighting with unions looking to organize the company’s massive work force.
Many people believe Duke’s selection is an indication that the company will be looking overseas for future growth. Duke leads Wal-Mart’s international efforts right now.
Duke joined Wal-Mart in 1995 and is the company’s top international executive today. He has served as president and CEO of Wal-Mart Stores Division (USA), executive vice president of administration, executive vice president of logistics, senior vice president of logistics, and senior vice president of distribution.
Duke has full operating responsibilities for all the company’s international operations, including Argentina, Brazil, Canada, China, Costa Rica, El Salvador, Guatemala, Honduras, India, Japan, Mexico, Nicaragua, Puerto Rico and the United Kingdom. He also has responsibility for Wal-Mart’s global procurement organization.
Before joining the company, Duke had 23 years’ experience in retailing with Federated Department Stores and May Department Stores.
Duke graduated from Georgia Tech with a bachelor’s degree in industrial engineering. He serves on the board of directors of the U.S.-China Business Council as well as CIES-the Food Business Forum, and is on the executive board of Conservation International’s Center for Environmental Leadership in Business. Duke also serves on the University of Arkansas board of advisers.
November 21, 2008 | Permalink | User Comments (4)
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Economic crisis for all, a President coming in that hates this Company.
Good Luck
Posted by: seah | Nov 21, 2008 2:39:36 PM
Wonderful. Even more emphasis on Chinese crap to stock our stores with.
Posted by: Carlo | Nov 21, 2008 3:54:40 PM
WalMart played the hand that was dealt them. Cheaper products made by countries with low wage workers working in poor conditions and factories and governments that have little or no enviromental regulations. Of course they can make cheaper products. WalMart has taken advantage of that. It is our government that has allowed it to happen, and each one of us who shop there, while looking the other way. Look where it has gotten us!
Posted by: Hank | Nov 22, 2008 9:17:35 AM
I believe that Wal-Mart has created jobs for folks who may not could have worked otherwise. Wal-mart may sell less expensive items, but the choice is the consumer to purchase or not.
My father, who is 97 1/2 yrs old works as a greeter at Wal-Mart and this actually gives him a reason to wake up every day. He has worked for a number of years and helped to open a new store. They love him and he loves what he contributes working at Wal-Mart. This definately helps many folks to have a belonging and status to society.
Posted by: Mary F. in Houston | Dec 11, 2008 2:10:06 PM
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