Doug McMillon, head of Wal-Mart's international division, will take the reigns from CEO and President Mike Duke once he steps down on Feb 1, 2014, after a 5 year tenure. McMillon will be the fifth CEO since Wal-Mart's founder Sam Walton and will be advised by Duke who will continue his role as chairman on his first year.

Shares jumped by 38 cents, immediately after the announcement, in the early afternoon trading on Monday, 

The change of CEO will also be a clear message that the company is focused on its international division and attract the next generation of mobile shoppers, as they shift in strategy with McMillon expected to infuse a youthful charm back into Wal-Mart's culture.

Duke was embroiled in a bribery scandal after the New York Times reported last year that Wal-Mart company officials authorized bribes to hasten building permits and to gain favors in Mexico. Since the incident, business for Wal-Mart has slowed overseas. McMillon however, was not linked as he was still not working back then in the international division.

Dave Tovar, a Wal-Mart spokesman, told The Associated Press that Duke's decision to leave Wal-Mart was "a personal one," and had nothing to do with the bribery allegations. "He decided it was time to retire," said Tovar, who added that Duke approached Walton and the board voted Friday.