Wal-Mart Stores says Mike Duke, vice chairman of its international division, will replace Lee Scott as president and chief executive when he retires from those positions in February.
Duke, 58, will take over the reins at the world's largest retailer effective Feb. 1st. Duke also becomes a member of the board of directors effective immediately.
Scott will continue as chairman.
Additionally, Wal-Mart says Eduardo Castro-Wright, 53, was promoted to vice chairman, adding to his current titles of president and chief executive of Walmart U.S. He will take over the company's global procurement operation.
The moves come a week after the Bentonville, Ark.-based retailer said third-quarter profit rose 10 percent as shoppers hunting for discounts snapped up early Christmas promotions.