Wal-Mart Stores (WMT) said Monday that longtime company executive Doug McMillon will replace CEO Mike Duke, who plans to retire early next year.
McMillon, 47, is the current president and CEO of Walmart International, a role he has filled since January 2009. He’ll officially take the helm on Feb. 1, 2014, while he was named to the retailer’s board effective immediately.
Duke will stay with Walmart as chairman of the board’s executive committee. The 63-year-old executive will also serve as an advisor to McMillon for one year.
“This leadership change comes at a time of strength and growth at Walmart,” Chairman Rob Walton said in a statement. “The company has the right strategy to serve the changing customer around the world, and Doug has been actively involved in this process. The company has a strong management team to execute that strategy.”
Duke, who joined the world’s largest retailer in 1995, has led Walmart as president and CEO since February 2009. In 2003, he stepped into the CEO role for Walmart U.S., before serving as vice chairman tasked with overseeing the international business.
McMillon was previously a top executive at Sam’s Club, eventually taking charge of the business as its CEO. He first joined Walmart in 1990 while attending college.
Shares rose 18 cents to $79.99 in pre-market trading. The stock is up about 17% so far this year.