(Nov. 21, 2:50 p.m.) The board of directors of Wal-Mart Stores Inc. has named Mike Duke to succeed Lee Scott as its president and chief executive officer.

The move is effective Feb. 1, according to a Wal-Mart news release.

Duke, 58, also was elected to the Bentonville, Ark.-based retailer’s board of directors, effective Nov. 21.

A 13-year veteran at Wal-Mart, Duke currently serves as vice chairman of Wal-Mart International, in charge of the 3,200 stores and 620,000 employees in 14 markets outside the continental U.S.

Wal-Mart said Scott will remain on as chairman of the executive committee of the board.

The retailer also promoted Eduardo Castro-Wright, 53, to vice chairman of Wal-Mart Stores Inc., effective immediately, in addition to his current position as president and chief executive officer of Walmart U.S. The role gives him management responsibility of the company’s global procurement operation.

“This management change occurs at a time of strength and momentum for Wal-Mart,” Rob Walton, chairman of the Wal-Mart board of directors, said in a news release. “Our overall management team has never been stronger. We are confident that the strategy we have in place is the right one for future success and Mike has been actively involved in developing and executing this strategy.”