Wal-Mart Stores, Inc. said Friday that its board of directors has elected Mike Duke, to succeed Lee Scott as president and chief executive officer, effective Feb. 1, 2009. Duke also was elected to the company’s board of directors, effective immediately.

Duke, 58, is vice chairman of the retailer’s international division. He joined the company in 1995 and has served in a variety of posts, including president and chief executive of Wal-Mart Stores division in the U.S., The Associated Press reports.

Scott, who became president and CEO in 2000 and has been with the company since 1979, will continue as chairman of the executive committee of the board until January 2011, the AP reports. He will serve as an adviser to Duke until 2011.

The board also approved the promotion of Eduardo Castro-Wright, 53, to vice chairman of Wal-Mart Stores, Inc., effective immediately. In addition to his current responsibilities as president and chief executive officer of Walmart U.S., Castro-Wright will assume management responsibility for the company’s Global Procurement operation.

“This management change occurs at a time of strength and momentum for Wal-Mart,” said Rob Walton, chairman of the Wal-Mart board of directors. “Our overall management team has never been stronger. We are confident that 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. We are also pleased that our succession and management development process continues to develop leaders internally.”

JCK