Walmart Names Doug McMillon Next CEO

Wal-Mart Stores Inc. announced in a news release Nov. 25 that Doug McMillon, 47, has been elected by its board of directors to succeed Mike Duke, effective Feb. 1, 2014.

McMillon has also been elected to the company’s board of directors, effective immediately.

McMillon, a University of Arkansas graduate, was the keynote speaker at the Northwest Arkansas Business Journal’s Forty Under 40 luncheon in August.

A Jonesboro native, McMillon began his Walmart career as an hourly worker at a distribution center in Northwest Arkansas while he paid his way through school at the UA.

He became a buyer trainee while in graduate school in 1990, and eventually worked in all three Walmart divisions of food, apparel and general merchandise.

McMillon is currently president and CEO of Walmart International, which operates Walmart chains and affiliates in 26 countries. He was also the former CEO of Sam’s Club from 2006 to 2009.

“This leadership change comes at a time of strength and growth at Walmart,” Rob Walton, chairman of Walmart’s board of directors, said in the news release. “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, 63, will continue serving as chairman of the executive committee of the board after his retirement, and stay on as an advisor to McMillon for one year.

The company will announce McMillon’s successor as CEO of Walmart International by the end of the fiscal year, Jan. 31, according to the release.

“Mike put in place the building blocks for the next generation Walmart and today the company is stronger, more global and more unified across all our stores, mobile and online,” Walton said in the release.  “He also reinvigorated the productivity loop and delivered strong financial performance. During his tenure the company made critical investments in talent and technology to expand Walmart to even more customers globally and stepped up its progress on social and environmental issues.  Mike also has a strong commitment to diversity, and has been especially engaged in advancing women throughout organization. He set a tone at the top to never be satisfied, to always accelerate and do better, while remaining true to the culture that has been core to the company’s success.”