National News

Nov 25, 2013 8:54 AM by Associated Press

Wal-Mart Stores CEO steps down; McMillon successor

BENTONVILLE, Ark. (AP) - Wal-Mart Stores CEO and President Mike Duke is stepping down from those posts. The world's biggest retailer named Doug McMillon as his successor. The 63-year-old Duke will stay on as chairman.

The 47-year-old McMillon's appointments are effective Feb. 1, 2014. He previously served as CEO of Walmart International.

The announcement came just days before the kickoff of the holiday shopping season.

Wal-Mart shares edged up in premarket trading.

McMillon will also join Wal-Mart's board. That appointment is effective immediately.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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