Wal-Mart US CEO Bill Simon to leave company

Wal-Mart Simon's retirement package

Walmart U.S.CEO Bill Simon is leaving the company, the discount retailer announced Thursday.

Greg Foran, president and CEO of Walmart China since March 2012, will take over the reins of Walmart U.S. from Simon on Aug. 9, the company said.

Simon has been at the helm of Wal-Mart's U.S. unit, which has struggled recently to deliver positive comparable sales, since mid-2010.

The retail industry has seen a wave of recent executive departures. Nine large retailers are still searching for a CEO.