Duke To Replace Scott as CEO of Wal-Mart

Wal-Mart Stores announced Friday that Mike Duke will succeed Lee Scott as president and chief executive officer of the company.

Duke, 58, will assume the top position effective February 1, 2009, the company said. Scott will continue serving as chairman of the executive committee of the board. Duke was also elected to the company’s board of directors, effective immediately. (CNBC's David Faber discusses the Wal-Mart appointment in the video)

"Mike Duke is a highly-respected executive both domestically and internationally, with broad experience throughout the company, having successfully led Wal-Mart's Logistics Division, U.S. operations, and International operations," said Rob Walton, chairman of the Wal-Mart board of directors, in a statement.

"He understands retail and appreciates the complex global environment in which we operate. He is committed to the culture of Wal-Mart, its mission, and to our associates and customers," he said.

“Lee Scott has made an extraordinary contribution to Wal-Mart during his almost thirty years of service as an associate, and as our president and CEO for the last nine years,” Walton continued. "Lee has led Wal-Mart with humility and grace, and has been a worthy successor to his predecessors, Sam Walton and David Glass.”

The board also approved the promotion of Eduardo Castro-Wright, 53, to vice chairman of Wal-Mart , effective immediately.

In addition to his current responsibilities as president and CEO of Walmart U.S., Castro- Wright will assume management responsibility for the company's Global Procurement operation.