A higher level shakeup has come to the corporate giant known as Wal-Mart, in which it has been announced that the CEO will be replaced early next year. The business succession planning that any company puts into effect can crucially play off of the personalities that are currently seen in its hierarchy.
In the case of Wal-Mart, it seems that an executive with years of experience at that corporation is departing in exchange for someone else who has seen lots of action in a different role at that business. Mike Duke will be bowing out after four years in the role (but nearly twenty at the company), in order to make way for Doug McMillon, the Associated Press reported.
A release from the company describes how McMillon was chosen after an in-company election. Though he is significantly younger than the person he is succeeding, McMillon said in a statement that he still plans to give the position the seriousness it needs.
"Our management team is talented and experienced, and our strategy gives me confidence that our future is bright," McMillon said. "By keeping our promise to customers, we will drive shareholder value, create opportunity for our associates and grow our business."
With an executive search firm onboard to help out with your planning methods, you might be able to keep things proceeding regularly and give the impression of a smoothly running operation that has things clearly plotted out. You may not have the opportunity for an election and replacement to happen quickly, but a recruitment firm may be able to help fill in the gaps.
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