Wal-Mart, the world's largest retailer, today announced that Doug McMillon will be promoted as the president and chief executive of Wal-Mart International, which looks after Wal-Mart's overseas ventures including India.
Forty-two year-old McMillon, is currently the president and chief executive of Wal-Mart's subsidiary Sam's Club. He will report to Mike Duke, who was named to succeed Lee Scott as the company's president and CEO. Both McMillon and Duke will assume their new roles from February 1, Wal-Mart said in a release.
“Doug is joining Wal-Mart International at a time of strength and momentum,” said Duke.
“We have a strategy to win in all markets, and our international team is exceptionally strong across the board. We have never had a more talented group of regional leaders and country presidents. We will continue to focus on emerging markets with strong growth potential, as well as established markets that we believe have the potential to deliver consistently strong returns," he said.
“It is exciting to promote a long-term associate to lead our second largest business. Doug began his Wal-Mart career as an hourly associate, unloading trucks at a distribution center, while he worked his way through college. In his 18 years with the company, Doug has learned the business from the bottom up, with leadership roles in all three operating divisions. One of the best things about this company is that, as we grow, we are able to offer broad career opportunities to our associates around the world,” said Duke.
According to McMillon, “It is both exciting and humbling to join the team that is taking the Wal-Mart mission of saving people money so they can live better to customers around the world. The potential is huge and the need is great. Our strategy of focused execution, leveraging our global scale, our global commitment to low prices and the dedication of our associates positions us well for further success.”
McMillon has a bachelor’s degree in business administration from the University of Arkansas in Fayetteville and a master’s of business administration from the University of Tulsa. He lives in Bentonville with his wife and two sons.
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McMillon’s successor as president and CEO of Sam’s Club will be named at a later date, the company said.
Wal-Mart International accounts for about 25 per cent of the company’s revenue. Through the 43-week period ending November 28, 2008, Wal-Mart International sales were more than $80.6 billion. Today, it operates more than 3,300 stores under more than 50 banners.