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Wal-Mart Chief Executive Steps Down,
Chief Operation Officer to Succeed

Reuters
BENTONVILLE — 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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