Wal-Mart names new international CEO

Europe On The Globe

The world's biggest retailer announced Tuesday that it's tapped insider David Cheesewright to head Walmart International, its second biggest operating segment.

David Cheesewright, who has been president and CEO of Walmart's Europe, Middle East and Africa (EMEA) and Canada region since 2011, will assume the role Feb. 1.

Cheesewright will be taking over the intentional reigns from Doug McMillon, who was named late last month to succeed Mike Duke as Wal-Mart Stores' president and CEO, effective Feb. 1.

(Read more: Wal-Mart Stores names new CEO )

If Wal-Mart history repeats itself, Cheesewright could be a top contender in the succession plan to succeed McMillon. Both McMillon and Duke were in charge of the company's international segment before being picked to head the Bentonville, Ark.,-based retailer.

"Through strong capital discipline, we will continue to invest in new stores and e-commerce growth, as well as productivity improvements that drive profitable growth and returns," Cheesewright said in a statement.

(Read more: Wal-Mart settles gas can suits )

After joining the company in 1999 and working at Asda, its U.K. operation, Cheesewright has risen through the ranks, serving as the chief operating officer for both Walmart Canada and Asda. Before that, he was in a leadership role with Mars Confectionery.

(Read more: Wal-Mart's hottest Black Friday seller was a 29-cent towel )

Wal-Mart's international division represents a crucial segment for the retailer. It has more than 6,200 retail units and generates nearly 30 percent of its revenue. During the third quarter, Walmart International's net sales grew 4.1 percent on a constant currency basis. This outstripped the U.S. division's net sales growth, which rose 2.4 percent during the period.

-By CNBC's Katie Little. Follow her on Twitter @KatieLittle.

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