"Wal-Mart Stores Inc. (WMT) has announced that H. Lee Scott Jr., 59, will be stepping down as the retail giant’s chief executive officer, effective Feb. 1. He will be succeeded by Michael “Mike” T. Duke, 58, head of the company’s overseas operations.
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Duke is currently head of the Wal-Mart’s international division, which goes a long way toward explaining his ascension. International expansion will pay a very large part in Wal-Mart’s future growth, and under Duke’s stewardship the company’s global presence has grown markedly.
Duke said in June that overseas revenue could eclipse $100 billion for the first time in the fiscal year that ends Jan. 31. International sales, which account for about one quarter of the Wal-Mart’s business, totaled $90.6 billion in 2007.
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