Wal-Mart names operating chief Simon as new US CEO

BENTONVILLE, Ark. (AP) - Wal-Mart Stores says Bill Simon will take over as president and CEO of its U.S. operations, replacing Eduardo Castro-Wright who is shifting to lead the retailer's Global.com and global sourcing divisions.

Simon, 50, has served as chief operating officer of Walmart U.S. The company said Castro-Wright, 55, will continue to serve as vice chairman. He will transition to the new position by Aug. 1.

U.S. Walmart stores have been seeing fewer customers as wealthier patrons who turned to the world's largest retailer during the Great Recession appear to be trading back up, and stubbornly high unemployment and gas prices are still squeezing its main clientele.

CEO Mike Duke said the move allows Castro-Wright to relocate to California to be with his family during his wife's illness.