Sam's Club names new CEO

Sam's Club named Kathryn McLay as president and CEO. She replaces John Furner who was tapped last month to become Walmart's U.S. CEO.

McLay, who has held several roles at the parent company since 2015, will report directly to Walmart CEO Doug McMillon.

Ticker	Security	Last	Change	Change %
WMT	WALMART INC.	60.41	+0.56	+0.93%

In a memo to employees obtained by FOX Business, McMillon congratulated McLay on her new role.

 "Kath has a track record of success in every role she has taken on. Her ability to deliver results today, develop a vision for the future and lead the change necessary to achieve it is compelling. She is curious and courageous. Kath builds trust and is a servant leader..."

- Walmart CEO Doug McMillon 

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Sam’s Club had revenues of $59 billion last year and 100,000 associates and almost 600 clubs, according to the company.

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It competes with the likes of Costco and BJs.

Ticker	Security	Last	Change	Change %
COST	COSTCO WHOLESALE CORP.	724.25	+1.51	+0.21%
BJ	BJS WHSL CLUB HLDGS INC	76.06	+0.29	+0.38%

Her appointment comes as Furner gets settled in his new role. This week Walmart reported booming online sales and raised its outlook for the year ahead of the key holiday shopping season. Earnings at the world's largest retailer topped Wall Street projections for the three months through October, according to financial statements released Thursday.

The Bentonville, Arkansas-based company earned a profit of $3.29 billion, beating the $3.1 billion that analysts projected. Adjusted earnings of $1.16 topped the $1.09 average estimate in a survey by Refinitiv.

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President Trump praised the world's largest retailer for the strong quarter.

Shares of Walmart have gained 29 percent this year.

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