Dive Brief:

• Wal-Mart Stores Inc.'s board on Friday named Douglas McMillon to succeed current CEO Michael Duke, effective Feb. 1.
• McMillon was also elected to Wal-Mart's board of directors, effective as of Friday.
• McMillion, 47, is a veteran executive as the company and has been serving as the president and CEO of Walmart International.

Dive Insight:

McMillon's ascension to his new executive role shouldn't come as much of a shock. He and William Simon, president of Wal-Mart U.S., were reportedly both likely candidates to become the company's fifth CEO. He will have a formidable task on his hands as Wal-Mart looks to grow, but given his experience in foreign markets at Walmart International, he may be an ideal pick to focus on new and emerging opportunities.