University Of Tulsa Grad Named Next Walmart CEO, President

Walmart Stores next CEO and President Doug McMillon began his career with the retail giant in 1984 as an associate at a Walmart distribution center.

In 1990 while pursuing his MBA in finance at the University of Tulsa, McMillon rejoined Walmart working at a Tulsa store, according to the company.

Doug McMillon, 47, replaces Mike Duke who plans to step down Feb. 1.

McMillon, who is head of Walmart's international operations, will be the fifth CEO since Walmart founder Sam Walton.

The announcement came just days before the kickoff of the holiday shopping season.

The management transition also comes when Walmart is trying to fight off online rivals like Amazon.com, eBay Inc. and other online retailers, which are luring shoppers to the Internet with their vast offerings of products and low prices.

The Associated Press contributed to this report.