New York - In an unexpected move, Wal-Mart Stores Inc said Friday it would replace its chief executive of nine years.
Lee Scott, 59, will retire February 1 and be replaced by Mike Duke, 58, who has led the company's international division since 2005.
Scott, who has been with the world's largest retailer for nearly 30 years, will remain chairman of the executive committee of the board.
The change comes at a time of uncertainty in the US retail market with the financial crisis hanging over the holiday shopping season. But discounter Wal-Mart looks poised to benefit from more cost- conscious shoppers and it was set to be the top earner in the Dow Jones Industrial Average for the year, Bloomberg financial news reported.