Wal-Mart Stores announced Thursday that the CEO of the Wal-Mart US division will retire, effective Aug. 8.
Bill Simon, who has been in the role since June 2010, will receive $4.5 million as part of his retirement agreement.
Greg Foran, currently president and CEO of Wal-Mart China, will take over Simon’s position.
Simon was rumored to be in the running for CEO of Wal-Mart Stores before Doug McMillion was chosen in February, and he will stay with the company in a consultant role for the next six months.
For Foran, he will be heading a division much larger than the one he is currently overseeing. But Wal-Mart US has seen sluggish growth, with sales and profits last quarter lower than projected. Perhaps the company is hoping that Foran’s 30 years of retail experience can add new growth to the division.