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Wal-Mart Names Doug McMillon CEO to Succeed Mike Duke

Wal-Mart Stores Inc. said Doug McMillon, head of its international business, will replace Mike Duke as chief executive officer when he retires as the world’s largest retailer struggles to ignite growth at home and abroad.

McMillon, 47, will take over for Duke on Feb. 1, the Bentonville, Arkansas-based company said today in a statement. Duke, 63, will stay on as chairman of the board’s executive committee, and McMillon will join the board immediately.