A Succession at Wal-Mart Puts an Insider at the Helm

As Wal-Mart enters a fiercely competitive holiday season while still hampered by sluggish sales, the company's board announced on Monday that Michael T. Duke, its chief executive, would retire early next year and a longtime executive, C. Douglas McMillon, would replace him. McMillon, 47, president of Wal-Mart International, will take the helm on Feb. 1, just after the holiday season, the company said. He was also elected to the board effective immediately.