Wal-Mart Stores' board elected Doug McMillon to succeed Mike Duke as president and CEO, effective February 1, a move that one analyst said is "good news" for the company.
McMillon, who currently serves as the chief of the company's international division, was also elected to the company's board of directors, effective immediately.
"We're encouraged by this," said Joe Feldman, a senior retail analyst at Telsey Advisory Group, who added that many people were assuming the reins would fall to either McMillon or Wal-Mart U.S. CEO Bill Simon.
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"I would bet that very little would be different," Feldman said. "I think that's part of why the stock's barely moving at this point. It's going to be a seamless transition."
In his current role, McMillon overseas more than 6,300 stores and more than 823,000 associates in 26 countries outside the U.S., according to the company's website. From 2006 to February 2009, he served as president and CEO of Wal-Mart unit Sam's Club.