Wal-Mart to Get a New CEO

Wal-Mart (WMT 50.66) CEO Lee Scott is stepping down and will be replaced by Mike Duke, effective February 1, 2009.

Duke previously led Wal-Mart's Logistics Division, U.S. operations and International operations.  He was elected to the company's board of directors, effective immediately.

Scott's retirement comes after nearly 30 years with Wal-Mart, with the last nine as president and CEO. 

Although there were some disgruntled shareholders during Scott's tenure, Wal-Mart's stock has outperformed the market since his appointment in January 2000 -- slipping 15.8% compared to the S&P 500's decline of 29.5%, both including dividends, as of November 14.

WMT is up 1.7% in pre-market trading.