Mike Duke

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

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

  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.
Business positions
Preceded by President of Wal-Mart
2009–2013 		Succeeded by