Wal-Mart CEO Stepping Down

Bill Simon, the chief executive of Wal-Mart’s U.S. operations, is stepping down for good, according to a statement from the company. In his place, Wal-Mart Asia CEO Greg Foran will take over operations beginning August 9. Simon had guided the retail giant’s U.S. division since June 2010, but business growth this year have been meager, with sales at stores that had been open at least a year utterly flat in the first quarter. Wal-Mart did not give a reason for Simon’s departure, only saying that he will be “transitioning out of the company” and will “be available” as a consultant for six months to help transition Foran into the job.