Walmart U.S. CEO Bill Simon steps down; to be replaced by CEO of Walmart Asia

Bentonville, Ark. -- Wal-Mart Stores announced that Bill Simon, president and CEO of Walmart U.S. since June 2010, is leaving the company. He will be replaced by Greg Foran, 53, president and CEO of Walmart Asia, who will take up the post on Aug. 9, reporting directly Wal-Mart president and CEO, Doug McMillon. Simon will be available on a consulting basis for the next six months to ensure a seamless transition.

[Read Industry Analysis: New kid Foran pushes out old guard at Walmart U.S.]

"During Bill's eight years of service to Walmart, his passion for our mission, dedication to our associates and our customers, and innovative thinking pushed us forward," said McMillon. "From the very beginning, his vision led us to lower the cost of health care through our $4 prescription offering. And, most recently, he put us on a path to future growth with small formats and efforts that integrate digital and physical retail."

A 35-year retail veteran, Foran joined the discounter in 2011 and became president and CEO of Walmart China in March 2012. While leading the business in China, the team made significant progress with its assortment, pricing, store operations and compliance as Foran led strategic investments in the supply chain and improved the store portfolio, Wal-Mart said. He was promoted to his current post earlier this year.

"Being asked to lead the Walmart U.S. business is a privilege that I don’t take lightly," said Foran. “I am excited to get started. The needs of our customers are changing dramatically and we have an enormous opportunity to serve them in new and different ways. We must be fierce advocates for our customers, work meticulously to exceed their expectations and earn their trust every day."

Prior to Walmart, Foran held a number of roles with Woolworths, the leading retailer in Australia and New Zealand.

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