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Wal-Mart's U.S. division gets new CEO

/ CBS/AP

NEW YORK - Wal-Mart Stores Inc. (WMT) says U.S. discount-store chief Bill Simon is stepping down.

The world's largest retailer has named the head of its Asian business as his replacement.

The Bentonville, Arkansas-based retailer says that Greg Foran, 53, president and CEO of Wal-Mart Asia, will succeed Simon.

Simon helmed the Wal-Mart U.S. division since June 2010. The changes will take effect Aug. 9. The company says Simon will be available on a consulting basis for the next six months to ensure a seamless transition.

Foran will report directly to Doug McMillon, who took over as president and CEO of Wal-Mart Stores Inc. in February.

The company said in a statement that Foran's replacement to run its Asian business will be named at a later time.

First published on July 24, 2014 / 9:34 AM EDT

© 2014 CBS Interactive Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.

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