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Wal-Mart names new CEO to begin Feb. 1

Wal-Mart Stores' board of directors elected Doug McMillon to succeed Mike Duke as president and chief executive officer, effective Feb. 1, 2014.

McMillon, who currently serves as the chief of the company's international division, was also elected to the company's board of directors, effective immediately.

In his current role, McMillon oversees more than 6,300 stores and more than 823,000 associates in 26 countries outside the U.S., according to the company's website. From 2006 to February 2009, he served as president and CEO of Wal-Mart unit Sam's Club.

Following the report, Wal-Mart shares were roughly flat.

"Doug is uniquely positioned to lead our growing global company and to serve the changing customer, while remaining true to our culture and values," said Rob Walton, chairman of Walmart's board of directors. "He has broad experience — with successful senior leadership roles in all of Walmart's business segments — and a deep understanding of the economic, social and technological trends shaping our world.

By the end of the fiscal year — Jan. 31 — the discounter plans to announce McMillon's successor as CEO of Walmart International.

—By CNBC's Katie Little. Follow her on Twitter @KatieLittle