DOW JONES NEWSWIRES
Wal-Mart Stores Inc. (WMT) named Michael's Stores Inc. (MIK)
Chief Executive Brian Cornell to be chief executive of Sam's Club,
the company's members-only warehouse operating segment.
He replaces Doug McMillon, who became chief executive of
Wal-Mart International on Feb. 1.
Meanwhile, Michael's said Cornell would be replaced by Wal-Mart
Chief Administrative Officer John B. Menzer.
Cornell, 50 years old, will be paid an annual salary of $800,000
as well as a signing bonus of $1 million, according to filings with
the Securities and Exchange Commission.
Effective April 3, Cornell will report to Wal-Mart Chief
Executive Mike Duke.
Wal-Mart, the world's largest retailer, has been one of the few
retailers to report higher sales amid the deepening recession.
Same-store sales rose 5.1% in February at Wal-Mart overall and 5.9%
at Sam's Club locations.
Sam's Club ended its last fiscal year with $46.8 billion in
sales, a 5.6% increase. At the end of 2009, 602 Sam's Clubs were
operating in the U.S. Sam's plans to add 15 to 20 stores in the
current fiscal year.
Cornell was named Michael's CEO in June 2007, when he joined the
company from Safeway Inc. (SWY).
Menzer worked at Wal-Mart for 12 years, starting as chief
financial officer. He earlier was president of Ben Franklin Retail
Stores Inc. (BFRSQ).
-By Kathy Shwiff, Dow Jones Newswires; 201-938-5975;
Kathy.Shwiff@dowjones.com
(David J. Reynolds contributed to this report.)