Retailers, consumers and prices
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.
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.