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Mike Duke

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Mike Duke
Duke speaks at a Walmart Shareholders meeting
Born
Michael Terry Duke

(1949-12-07) December 7, 1949 (age 74)
Alma materGeorgia Tech
EmployerWalmart
Board member ofConsumer Goods Forum

Michael Terry Duke (born December 7, 1949)[1] is an American businessman. He served as the fourth chief executive officer of Walmart from 2009 to 2013.[2]

Duke was elected a member of the National Academy of Engineering (2010) for leadership and contributions to the design and implementation of innovative logistics and retail technologies.

Biography

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Duke joined Walmart in 1995, serving as the executive in charge of the company's international operations. He became the CEO of Walmart in February 2009,[2] succeeding Lee Scott.

Duke also serves on the board of directors for the Retail Industry Leaders Association and Arvest Bank's community advisory board. He formerly held positions with a number of retailers, including Federated Department Stores, May Department Stores, and Venture Stores. Duke earned a BS in Industrial Engineering from the Georgia Institute of Technology in 1971, where he joined the Delta Sigma Phi fraternity,[3] and in 2009 served as a member of the institution's advisory board. As of 2012 he sat on the board of directors of the Consumer Goods Forum.[4]

In 2010 he set goals to make Walmart energy efficient as possible and to open Walmart stores in countries like Russia.[5] In 2012, his salary was $18.2 million.[6]

Duke ranked No. 10 on Forbes list of The World's Most Powerful People in 2013.[7] That same year, Walmart ranked No. 15 on Forbes list of Most Patriotic Brands—and the only retailer on the list—as voted by U.S. consumers.[8] As of November 25, 2013, Duke's tenure as CEO ended with his sudden replacement decided by Walmart's Board.[9] Press reports indicated that the total value of Duke's pension, deferred compensation and other retirement accounts totaled over $113 million.[10]

Duke said in 2012 that his biggest regret as CEO was not investing more in e-commerce to better compete with Amazon. "I wish we had moved faster. We've proven ourselves to be successful in many areas, and I simply wonder why we didn't move more quickly. This is especially true for e-commerce," Duke said at the time. "Right now we're making tremendous progress, and the business is moving, but we should have moved faster to expand this area."[11]

References

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  1. ^ Kapner, Suzanne (February 18, 2009). "Changing of the guard at Wal-Mart". Fortune. Retrieved 2009-07-16.
  2. ^ a b Kavilanz, Parija B. Wal-Mart names new CEO: World's largest retailer says international chief Mike Duke will succeed Lee Scott, who is retiring., CNNMoney.com, 2008-11-21
  3. ^ "Distinguished Alumni from the Delta Sigma Phi Fraternity". Archived from the original on 2009-02-21. Retrieved 2009-02-27.
  4. ^ "History of The Consumer Goods Forum". Archived from the original on 2012-08-31.
  5. ^ Gilbert, Sara (2012). The Story Of Wal-Mart. Mankato, MN: Creative Education. p. 42. ISBN 9781608180646.
  6. ^ "Michael Duke Profile". Forbes.
  7. ^ "The World's Most Powerful People". Forbes. Retrieved 24 November 2013.
  8. ^ Heller, Laura. "Walmart Tops List Of Most Patriotic Brands". Forbes. Retrieved 24 November 2013.
  9. ^ Barr, Alistair (November 25, 2013). "Walmart CEO steps down; McMillon successor". USA Today. Retrieved 25 November 2013.
  10. ^ Walmart CEO's Retirement Plan 6,200 Times Bigger Than Workers' Plans: Study, by Maxwell Strachan, 15 November 2013 Huffington Post
  11. ^ "Warren Buffett just dropped Walmart, and signaled the death of retail as we know it". Business Insider. 14 February 2017. Retrieved 14 February 2017.
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Business positions
Preceded by President of Wal-Mart
2009–2013 		Succeeded by
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