Mike Duke, currently president of Wal-Mart International, will replace Lee Scott as President and CEO as of February 1, 2009. Duke has also been elected to the company's board of directors, effective immediately. Additionally, Wal-Mart plans to name Duke's successor as president of Wal-Mart International by the end of the fiscal year. Scott will remain with Wal-Mart as the chairman of the executive committee of the board.

"This management change occurs at a time of strength and momentum for Wal-Mart," noted Rob Walton, chairman of the Wal-Mart board of directors. "Our overall management team has never been stronger. 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."

"Wal-Mart is very well positioned in today's economy, growing market share and returns, and is more relevant to its customers than ever," according to Duke. "Our strategy is sound and our management team is extremely capable."

The board also approved the promotion of Eduardo Castro-Wright to vice chairman of Wal-Mart, effective immediately. In addition to his present duties as President and CEO. of Wal-Mart US, Castro-Wright will take on management responsibility for the mega-retailer's Global Procurement operation.