Wal-Mart's Scott retiring as CEO, Duke to succeed

New York: Wal-Mart Stores Inc, the world's largest retailer, said Lee Scott will retire as chief executive early next year, and will be succeeded by Mike Duke, who heads its international operations.

The surprise announcement on Friday comes as Wal-Mart builds upon its strength as a discount retailer in a contracting US economy, and is poised to be one of the main draws for consumers during the crucial holiday sales season.

The executive changes are effective February 1, 2009, Wal-Mart said.

Scott, 59, has served as CEO for more than eight years. He became president and CEO of Wal-Mart's US division in 1998 and president and CEO for the corporation in 2000.

Analysts said the succession plan comes at a good time for Wal-Mart, which has boosted profits at the expense of rivals by persistently focusing on low prices.