Duke to take over reins at Wal-Mart

November 21, 8:00 AMBusiness ExaminerDarrell Proctor

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Michael Duke joined Wal-Mart in 1995. (AP photo)

Wal-Mart is one of the few retailers still able to post positive sales numbers in this economy, but that doesn't mean the Bentonville, Ark.-based company is immune to making changes.

The company said current CEO Lee Scott, 59, will leave his post Feb. 1. He'll be replaced by Mike Duke, 58, a former executive for Federated Department Stores and May Department Stores, which is now Macy's. Duke joined Wal-Mart in 1995 and has held a variety of positions.

Scott will stay on as chairman.

Wal-Mart said Eduardo Castro-Wright, 53, has been promoted to vice chairman; he'll continue in his roles as president and chief executive of Walmart U.S. He also will take over the company's global procurement operation.

Wal-Mart last week said its third-quarter profit rose 10 percent. Business in its international division was up 11 percent in the third quarter; U.S. profits rose 7 percent.