Walmart announced Monday morning that CEO Mike Duke is stepping down, and he will be replaced by Walmart International President and CEO Doug McMillon. For the company’s Walmart International segment, McMillon has overseen over 6,300 stores and over 823,000 associates in 26 countries outside of the U.S.

McMillon will take over in his new role on February 1st. He was also elected to the company’s board of directors, effective immediately.

Duke will continue to serve as chairman of the executive committee of the board, and will stay on as an advisor to McMillon for a year. This follows in the tradition of his predecessors.

Chairman of the Board, Rob Walton, said, “This leadership change comes at a time of strength and growth at Walmart. The company has the right strategy to serve the changing customer around the world, and Doug has been actively involved in this process. The company has a strong management team to execute that strategy.”

“Doug is uniquely positioned to lead our growing global company and to serve the changing customer, while remaining true to our culture and values,” Walton added. “He has broad experience – with successful senior leadership roles in all of Walmart’s business segments – and a deep understanding of the economic, social and technological trends shaping our world. A merchant at heart, Doug has both a long history with our company and a keen sense of where our customers globally are heading next. He has also shown strong leadership on environmental sustainability and a commitment to using Walmart’s size and scale to make a difference in the lives of people, wherever they might be.”

Duke had this to say: “This is a great company and it has been an honor to help advance Sam Walton’s vision of giving people around the world a better life. Our associates make it all possible and I’ve learned so much from them. No matter where I traveled, our associates continued to inspire me with their commitment to living our values, serving our customers and taking care of each other.”

Duke joined the company in 1995, and has led logistics, distribution and administration divisions. He has also served as Walmart’s vice chairman (2005 – 2009).

McMillon first worked with the company back in 1984, as a summer associate in a Walmart Distribution Center. He re-joined the company in 1990, and worked his way up the corporate ladder. From 2006 to 2009 he was the vice president and CEO of the company’s Sam’s Club division.

Walmart says it will announce a replacement for McMillon at Walmart International by the end of the fiscal year.