Wal-Mart vice chairman to retire

John Menzer, vice chairman of Wal-Mart Stores, has announced he will retire from the company effective March 1. Menzer, 56, was with Wal-Mart for 12 years.

Menzer began his Wal-Mart career in 1995 as the company's chief financial officer and was promoted to president and CEO of Wal-Mart International in 1999. There he had full responsibility for the company's operations in 15 countries. His current position will be assumed by other leaders in the company, Wal-Mart said.

"John has had a tremendously successful career at Wal-Mart, and I have seen firsthand the difference he has made," said Lee Scott, president and CEO of Wal-Mart Stores. "He is probably best known for transforming Wal-Mart International into a well-organized, fast-growing and profitable business.”

Menzer was named "Retailer of the Year" on behalf of Wal-Mart International in 2004 by Retailing Today. He also received the 1999 CFO Excellence Award from CFO Magazine. He has been a frequent keynote speaker at industry conferences and has served on the 21st Century Economic Advisory Committee of the U.S. Department of Commerce.