McMillon Named Next CEO of Walmart
Image via Flickr/ Holiday Gift Nation
Doug McMillon has been named as the successor to Mike Duke in the role of CEO of Wal-Mart Stores, Inc. (NYSE:WMT). Beginning on February 1st, 2014 McMillon will assume the role, moving up from his current position as chief of the international division.
Image via Walmart
Analysts have noted this choice as being “good news” for Walmart, and Joe Feldman of Telsey Advisory Group said, “We’re encouraged by this.” He also added that the consensus was that either McMillon or Bill Simon, Walmart’s U.S. CEO would be selected for the position.
According to Feldman, both men think very much alike. He said, “I would bet that very little would be different. I think that’s why the stock’s barely moving at this point. It’s going to be a seamless transition.
Walmart Stores, Inc. (NYSE:WMT) shares are relatively flat this morning, with less than a one percent uptick on the news of McMillon’s appointment.
McMillon’s Current Role
McMillon currently oversees the operation of more than 6,300 stores and more 823,000 store associates. These stores are spread throughout 26 countries outside the U.S. and are located around the globe. He has also served as the president and CEO of Sam’s Club, Walmart’s wholesale unit, from 2006 until February of 2009.
Rob Walton, the chairman of the board of directors for Walmart, said “Doug is uniquely positioned to lead our growing global company and to serve the changing customer, while remaining true to our culture and values. He has broad experience – with successful senior leadership roles in all of Walmart’s business segments – and a deep understanding of the economic, social, and technological trends shaping our world.”
The announcement of McMillon as Duke’s successor is expected to take place at the end of the retailer’s fiscal year on January 31st. In the meantime, McMillon will continue to oversee his current duties and prepare for his new role as president and CEO of Walmart International.
Disclosure: Author represents that he has no position in any stocks mentioned in this article at the time this article was submitted.
