Wal-Mart Stores, Inc. (NYSE:WMT) announced that Greg Foran, the CEO of Walmart China has been promoted to become CEO of Walmart U.S. effective August 9.

Greg Foran Wal-Mart

Foran will take over the responsibilities of departing Bill Simon, who led the U.S. business unit of Wal-Mart Stores, Inc. (NYSE:WMT) since 2010. Simon will be available on a consulting basis to ensure a smooth transition for six months.

In May, Wal-Mart Stores, Inc. (NYSE:WMT) recorded recorded the weakest quarterly sales growth in five years. The retail giant’s sales increased by just 0.8% and its profit declined 5% for the first quarter.

Everyday low costs

According to Doug McMillon, president and CEO of Wal-Mart Stores, Inc. (NYSE:WMT), Simon pushed the retail giant forward through his innovative thinking, passion for the company’s mission and dedication to its associates and customers during his eight years of service.

“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,” said McMillon.

Simon led the turnaround that revived the retail giant’s focus on everyday low costs, everyday low prices and increased product assortment during his tenure as CEO of Walmart US.

In addition, he created more career opportunities for associates, committed the company to hire more U.S. veterans, and revitalized manufacturing.

According to Simon, Wal-Mart Stores, Inc. (NYSE:WMT) is a company that is truly changing people’s lives by helping associates earn more for their families or providing customers affordable prices.

“It’s been an honor to work for Walmart over the past eight years, and this felt like the right time to move on and focus on my next opportunity. I look forward to helping the company as much as I can over the next six months,” said Simon.

Fresh perspectives to Wal-Mart

On the other hand, McMillon described Foran as one of the most talented retailers he ever met. According to him, Foran will bring fresh perspectives to Wal-Mart Stores, Inc. (NYSE:WMT) with his depth of knowledge and global experience.

McMillion said, “I’ve worked closely with Greg for the past few years, and I’ve seen first hand his passion for retail. I’m confident that Greg’s strong leadership skills and alignment with our culture will serve our customers and associates well.”

Foran has 35 years of experience in the retail industry. He joined Wal-Mart Stores, Inc. (NYSE:WMT) in October 2011. He became president and CEO of Walmart China in March 2012. Earlier this year, the company promoted him to become president and CEO of Walmart Asia.

Fierce advocates for customers

Commenting on his appointment, to lead the U.S. business unit of Wal-Mart Stores, Inc. (NYSE:WMT), Foran said it is a privilege, and he does not take the responsibility lightly. According to him, “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.”

Wal-Mart Stores, Inc. (NYSE:WMT) said it would announce the name of the executive who will succeed as president and CEO of Walmart Asia at a later date.