Wal-Mart names new CEO

Bentonville, Ark.-based megaretailer Wal-Mart Stores Inc. announced Monday its board of directors had selected Doug McMillon, 47, to succeed Mike Duke as president and CEO, according to Arkansas Business. The move is effective Feb. 1.

McMillon, who began his career with the company in 1984 unloading trucks at a distribution center while working his way through college, is currently president and CEO of Walmart International.

Walmart International, which comprises 6,300 stores in 23 countries, has been the fastest growing division of the company in recent years. Growth, however, was stagnant in the company’s most recent quarter as Walmart International posted revenue of $33 billion, which is flat compared to the same three-month period last year.

Read more from Arkansas Business.