Wal-Mart Stores Inc., the world's biggest retailer, said on Friday that Chief Executive
and President David Glass will step down effective immediately
and be succeeded by Chief Operating Officer and Vice Chairman
Lee Scott.
"Scott will have full responsibility for the day-to-day
operations and growth strategies of Wal-Mart, while Glass will
serve in a full-time position on the board's executive committee
which implements policy decisions of the board and acts on its
behalf between meetings," Wal-Mart Chairman Rob Walton, said in
a statement.
The Bentonville, Ark.-based company, which estimates $165
billion in revenues for the fiscal year ending Jan. 31, said
Glass, 64, will stay on in a full-time capacity "for at least
the next year" as chairman of the executive committee of
Wal-Mart's board.
Scott, 50, was named chief operating officer and vice
chairman one year ago. He has also played key roles in
developing Wal-Mart's distribution network, the company said.
"We are pleased to have someone of the caliber of Lee Scott
to succeed David Glass and fortunate that David will remain with
Wal-Mart in a significant role," Walton said.
Wal-Mart, which operates more than 2,485 stores and 456
Sam's Clubs in the United States, said Walton remains chairman
of the board.
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