Leader of Wal-Mart's U.S. stores stepping down

Bill Simon is out, Greg Foran is in.

In a quick statement Thursday, Bentonville, Ark.-based Wal-Mart Stores Inc. (NYSE: WMT) announced current president and CEO of its U.S. stores, Simon, is leaving the company. The world's largest retailer named Foran, 53, to the position.

Foran currently is president and CEO of Wal-Mart Asia.

Arkansas Business reports Wal-Mart did not say why four-year president Simon was "transitioning out of the company." But his division, made up of Wal-Mart's discount stores in the U.S., has struggled with declining same-store sales, which have fallen for five straight quarters.

Foran has been with the company since October 2011. He will take over the domestic post Aug. 9.

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