Mike Duke, head of Wal-Mart’s international division, is to replace Lee Scott as president and chief executive of the world’s biggest retailer next February.

Scott, who is standing down from the top job after almost 30 years with the store group, will remain chairman of Wal-Mart’s board executive committee. Eduardo Castro-Wright, Wal-Mart’s US chief executive, has also been promoted to group vice-chairman.

Wal-Mart chairman Rob Walton, son of legendary founder Sam Walton, said: “This management change occurs at a time of strength and momentum for Wal-Mart. Our overall management team has never been stronger.

“We are confident the strategy we have in place is the right one for future success and Mike has been actively involved in developing and executing this strategy.”

Walton said the internal promotions showed that the retailer’s “succession and management development process continues to develop leaders internally”.

Duke said: “I am looking forward to leading this great company. Wal-Mart is very well positioned in today’s economy, growing market share and returns, and is more relevant to its customers than ever.”

Duke’s successor will be named by the end of Wal-Mart’s fiscal year.

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