Shop Talk

Retailers, consumers and prices

Check Out Line: Changing of the Guard at Wal-Mart

November 21, 2008

Check Out succession planning at Wal-Mart

The world’s biggest retailer is about to get a new occupant in its corner office. Mike Duke, who currently heads the chain’s international operations, will take over as chief executive in February, replacing Lee Scott.

Scott, who has been CEO for more than eight years, will stay on as chairman of the board’s executive committee.

The low-price retail leader also immediately promoted Eduardo Castro-Wright, head of the U.S. operations, to vice chairman, a move that at least one analyst said could point to him as a future CEO.

Wal-Mart is expected to be a key winner this holiday season as cash-strapped shoppers seek out bargains. The retailer has said it will introduce a new round of price cuts every week until Christmas.

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Heinz profit up as consumers shun restaurants

AnnTaylor posts loss as women cut spending

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Photo: Reuters

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