US: Wal-Mart names Mike Duke new CEO
Date: 21 Nov 2008
Wal-Mart CEO Lee Scott is to step down early next year, and Mike Duke has been named as his successor. Scott was widely credited with having taken Wal-Mart further and faster down to journey towards greater environmental sustainability in recent years.
Mike Duke's appointment was welcomed by mainstream investors, who see him as someone that has worked across the Wal-Mart empire and understands the business extremely well.
Duke was also very much involved with some of Wal-Mart's sustainability initiatives. Recently, he fronted the retailer's workshop with its Chinese suppliers where the company laid out a tightening of expectations on the environmental practices of suppliers. Whilst in China, Duke said in a speech there: "Wal-Mart and our supplier partners must operate in a more socially and environmentally responsible way wherever we do business. ... We at Wal-Mart are also committed to being a leader on sustainability."
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In a recent article, the BBC's economics editor Robert Peston highlighted the fact that in 2012 the chances are that the economy - punch drunk as it is from the various flavours of debt crisis it has been pummelled with over the course of the year - will be hit by the collapse of a major bank and / or government.
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