Simon To Step Down As CEO Of Walmart U.S., Foran To Succeed

Walmart U.S. CEO Bill Simon is stepping down after more than four years in the job and eight years with Wal-Mart. Greg Foran, 53, was named the new Walmart U.S. CEO and the transition is effective Aug. 9.

A company statement issued early Thursday (July 24) credited Simon with leading a turnaround that “reinvigorated the company’s focus on everyday low costs, everyday low prices and an increased product assortment.” Simon was also a leader in the effort by Wal-Mart to hire more veterans and to buy more goods made in America.

“During Bill’s eight years of service to Walmart, his passion for our mission, dedication to our associates and our customers, and innovative thinking pushed us forward,” Wal-Mart Stores CEO Doug McMillon said in the statement. “From the very beginning, his vision led us to lower the cost of health care through our $4 prescription offering. And, most recently, he put us on a path to future growth with small formats and efforts that integrate digital and physical retail.”

Simon and McMillon, 47, were the top choices for succession prior to Mike Duke stepping down as Wal-Mart CEO on Feb. 1. McMillon was eventually selected to lead the global retail operation based in Bentonville. Simon will remain as a consultant for six months to “ensure a seamless transition,” according to Wal-Mart.

“It’s been an honor to work for Walmart over the past eight years, and this felt like the right time to move on and focus on my next opportunity,” Simon said in the statement. “I look forward to helping the company as much as I can over the next six months.”

Foran joined the company in October 2011 and became President and CEO of Walmart China in March 2012. Prior to Walmart, Foran held a number of roles with Woolworths, the leading retailer in Australia and New Zealand. He served as the managing director of supermarkets, liquor and petrol with responsibility for more than $40 billion in sales at that time. Foran also served as general manager of Big W, Woolworth’s industry leading discount store business and as general manager of Dick Smith Electronics. He has 35 years of retail experience.

“I’ve worked closely with Greg for the past few years and I’ve seen firsthand his passion for retail. I’m confident that Greg’s strong leadership skills and alignment with our culture will serve our customers and associates well,” McMillon said.

Foran said he is eager to address the changing nature of the retail business.

“Being asked to lead the Walmart U.S. business is a privilege that I don’t take lightly,” said Foran. “I am excited to get started. The needs of our customers are changing dramatically and we have an enormous opportunity to serve them in new and different ways. We must be fierce advocates for our customers, work meticulously to exceed their expectations and earn their trust every day.”