Mike Duke Named as Wal-Mart Chief

November 22, 2008

Incoming Wal-Mart CEO Mike Duke has run the retail giant\'s international operations.New York (ChattahBox) — In a surprise announcement by Wal-Mart, Mike Duke, was named as the new CEO for the company. Wal-Mart is the world’s largest retailer which has stepped up its foreign expansion plans in recent past. The company has replaced its Head of International Division, H. Lee Scott, with Mike Duke. Duke had been leading Wal-Mart’s foreign operations since September 2005 and over-seeing company’s operations and procurements in more than a dozen countries.

Duke will lead Scott’s initiatives to transform Wal-Mart into more sustainable business. Mike Duke is perceived as a “capable” executive who knows the ropes around the company. As the international sales account for nearly a quarter of the company’s revenue, Duke will be faced with a completely changed political world scenario as to what was faced by Scott. He will be the fourth CEO of the company, founded in 1962 by Sam Walton. David Glass became the CEO when Walton passed away in 1998. Scott succeeded Glass in the year 2000.

Duke had been one of the key decision makers in the past for company’s international marketing strategies. He was the one who proposed the company to exit from German and South Korean market. Duke said at the time it wasn’t possible to achieve the “size and results” the company was seeking in the two countries.

Last year, Wal-Mart took over full ownership of its money-losing subsidiary in Japan. It introduced a new strategic business model to renovate its stores, kept inventories low and focussed on low prices.

Lee Scott, 59, had been Chief of Wal-Mart since past nine years. He will remain Chairman of the Executive Committee of the board of Directors and will continue to have an advisory role in the company till 2011.

Wal-Mart’s share prices gained $2.26 or 4.5 percent at the stock market, to $52.92 in New York when the news came out about Mike Duke.


Comments

One Response to “Mike Duke Named as Wal-Mart Chief”

  1. Michael Godanis on February 5th, 2009 10:40 pm

    I’m in the process of cancelling my Small Claims action and having my attorney handle my discrimination claim against Wal-Mart.

    You can get addition information from your manager:
    Mark Hegarty: 510/351-0105

    The culprit is: Ken, an assistant manager at your new Hesperian Blvd. store
    in San Lorenzo, California. No one in the store will provide his last name.

    Michael D. Godanis
    281 Juan Suite 209
    San Leandro CA 94577
    510/862-9977

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