Wal-Mart Names New CEO

Wal-Mart Stores Friday said its chief executive officer will retire in February and be replaced by the head of its international division, the Associated Press reported.

The retailer said Mike Duke, 58, vice chairman of its international division, will become CEO, following current chief Lee Scott, 59, effective Feb. 1, AP said.

Duke, who joined the company in 1995, will become a member of the company’s board immediately, AP reported.

Scott, who became president and CEO in 2000 and who has been with Wal-Mart since 1979 in the logistics division, will continue as chairman through January 2011, AP reported.

Wal-Mart also promoted Eduardo Castro-Wright, 53, to vice chairman, adding to his current role as CEO of Wal-Mart U.S., and he will take over the company’s global procurement operation, AP said.

With about 8,000 tractors and 1,400 straight trucks, Wal-Mart is ranked No. 3 on the Transport Topics Private 100 listing of the largest U.S. and Canadian private carriers.