DOW JONES NEWSWIRES 
 

Wal-Mart Stores Inc. (WMT) named Michael's Stores Inc. (MIK) Chief Executive Brian Cornell to be chief executive of Sam's Club, the company's members-only warehouse operating segment.

He replaces Doug McMillon, who became chief executive of Wal-Mart International on Feb. 1.

Meanwhile, Michael's said Cornell would be replaced by Wal-Mart Chief Administrative Officer John B. Menzer.

Cornell, 50 years old, will be paid an annual salary of $800,000 as well as a signing bonus of $1 million, according to filings with the Securities and Exchange Commission.

Effective April 3, Cornell will report to Wal-Mart Chief Executive Mike Duke.

Wal-Mart, the world's largest retailer, has been one of the few retailers to report higher sales amid the deepening recession. Same-store sales rose 5.1% in February at Wal-Mart overall and 5.9% at Sam's Club locations.

Sam's Club ended its last fiscal year with $46.8 billion in sales, a 5.6% increase. At the end of 2009, 602 Sam's Clubs were operating in the U.S. Sam's plans to add 15 to 20 stores in the current fiscal year.

Cornell was named Michael's CEO in June 2007, when he joined the company from Safeway Inc. (SWY).

Menzer worked at Wal-Mart for 12 years, starting as chief financial officer. He earlier was president of Ben Franklin Retail Stores Inc. (BFRSQ).

-By Kathy Shwiff, Dow Jones Newswires; 201-938-5975; Kathy.Shwiff@dowjones.com

(David J. Reynolds contributed to this report.)