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Former Wal-mart Stores Inc. (NYSE:WMT) CEO Joins Carlyle Group LP (NASDAQ:CG) as An Operative Executive

Former Wal-Mart Stores, Inc. (NYSE:WMT) CEO, Mike Duke, has been enlisted by the Carlyle Group LP (NASDAQ:CG) to join the firm as an operating executive.

Mr. Duke retired from Wal-Mart in 2014 after five years at the helm. At Carlyle, Mr. Duke will work with a group of deal makers for Carlyle. The position of Mr. Duke is that of an operating executive, which is same as a consultant to a firm. This is important as Mr. Duke would not be an employee of Carlyle and can, therefore, serve as a Board member at Walmart.

According to Sandra Horbach, the head of Carlyle’s consumer and retail buyout group, Mr Duke would be an invaluable addition to the team and will help in increasing the value of the portfolio.

Carlyle has around 25 operating executives who are former high-ranking members of various organizations like IBM and IRS. The executives work with the full-time investment professionals of Carlyle and are often assigned to specific industry groups. These executives counsel other executives at the company in which Carlyle invests. The operating executives also frequently serve on the boards of Carlyle owned companies.

Carlyle has invested around $12 billion in companies ranging from doughnut ship Dunkin Brands Group Inc to headphone maker Beats Electronics LLC and many other companies. Mr. Duke said that his relationship with Carlyle co-founder and co-CEO Dave Rubenstein is what brought him to the company.

During Mr. Duke’s tenure at the top of Wal-Mart, there was a significant expansion in non-American markets. The company added 6,200 international stores during the term of Mr. Duke, and the company’s shares rose by 58%. Before becoming the CEO of Wal-Mart Stores, Inc. (NYSE:WMT), Mr. Duke led Wal-mart International for four years. Mr Duke is an engineer by training and joined Wal-mart in 1995 and at that time led its logistics.

Published by Fiona Gibson

Fiona is a finance graduate and an expert in analyzing market trends.

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