The only thing traded more often than predictions and analysis about who might take the reins at the world’s largest retailer when 63-year-old Mike Duke steps down as president and CEO are Wal-Mart shares.
The focus on executive succession at Wal-Mart is understandable given the job is one of the most high profile positions in corporate America – if not on the global corporate stage. Some insiders tell The City Wire they would not be surprised if a CEO shift is announced prior to the June 7 Wal-Mart shareholder’s meeting.
Duke assumed the role of CEO in February 2009, at the age of 60, replacing Lee Scott who stepped down at age 60 after nine years in the role. If Duke does opt to retire this year, as a growing number of Wal-Mart watchers predict, his tenure as CEO will be shortest in company history. However, his time at the helm will be one of the most fruitful for shareholders since the company’s growth explosion in the 1980s.
During Duke’s watch, Wal-Mart shares broke out of a 10-year lull to set historic highs. Wal-Mart’s market cap has risen more than $73 billion since he assumed the CEO role in February 2009.
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