Summary Box: Wal-Mart names Bill Simon president, CEO of US operations

Summary Box: Wal-Mart names new US chief

THE SWITCH: Wal-Mart Stores Inc. said Tuesday that Bill Simon is taking over as president and CEO of its U.S. operations, replacing Eduardo Castro-Wright, who is shifting to lead the retailer’s Global.com and global sourcing divisions.

THE BACKGROUND: Simon, who had been chief operating officer, takes the lead as U.S. Walmart stores are struggling with customer traffic declines. Wealthier patrons who turned to the world’s largest retailer during the recession are trading back up, and high unemployment is still squeezing its main clientele.

STOCK MOVEMENT: Shares fell 70 cents to $48.47.