REUTERS/Lucy Nicholson

Walmart announced that William Simon, president and CEO of the company's Walmart U.S. unit, will retire effective August 8.

Simon will be succeeded by Gregory Foran, who is currently president and CEO of a regional management team responsible for Walmart's retail operations in Asia. From May 2012 to May 2014, Foran was president and CEO of Walmart China.

In pre-market trading, shares of Walmart were down 0.6%.

Walmart is scheduled to report Q2 earnings on August 14.

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