Wal-Mart (NYSE:WMT) will get a new CEO next year.

On Monday, Wal-Mart announced that its board of directors has named Doug McMillon to join its ranks immediately as a sitting director. Effective Feb. 1, McMillon will also assume the titles of president and chief executive officer of the company, replacing current President and CEO Mike Duke.

Calling McMillon "a merchant at heart," Wal-Mart Chairman Rob Walton noted that the executive has served in "successful senior leadership roles in all of Walmart's business segments," and has "delivered strong financial performance" during his recent tenure as executive vice president and president and chief executive officer for Wal-Mart International. McMillon will continue to head up Wal-Mart International prior to assuming leadership of the entire company.

In a filing with the SEC, Wal-Mart disclosed that after stepping down from the CEO's position, Duke will still receive a $1.1 million annual salary as a "Walmart Associate." He will not, however, be eligible to participate in the company's management incentive plan. Duke will also forfeit all 157,895 target performance shares he received on Jan. 28, 2013.

His restricted stock and performance shares, already earned, will continue to vest through Jan. 31, 2015. Moreover, restricted stock grants for 52,632 shares that were originally scheduled to vest on Jan. 28, 2016, will now accelerate to vest on Jan. 31, 2015.