Wal-Mart named new CEO

By Parija B. Kavilanz

CNNMoney.com senior writer

NEW YORK (CNN) - Wal-Mart Stores announced Friday that CEO Lee Scott will retire and that the company's board has elected Mike Duke, president of Wal-Mart International, to succeed him.

Wal-Mart said the transition would take effect February 1. Duke was also elected to the company's board of directors. Scott will continue serving as chairman of the executive committee of the board.

The world's No. 1 retailer also said Eduardo Castro-Wright, CEO of Wal-Mart USA, would assume the additional role of vice chairman of Wal-Mart Stores.

"This management change occurs at a time of strength and momentum for Wal- Mart," Rob Walton, chairman of the Wal-Mart board of directors, said in a statement. "We are confident that the strategy we have in place is the right one for future success and Mike has been actively involved in developing and executing this strategy."