• Andrea Lillo

Wal-Mart's Reaves ready to retire

Wal-Mart executive Dennis Reaves has announced that he will retire after 35 years in the retail industry. He has spent the last four years at Wal-Mart as senior vp and gmm, men's and boys' apparel, housewares, domestics, decorative home and fabrics and crafts.

"This is a very difficult decision, but it is the right decision and the right time," Reaves said.

Prior to Wal-Mart, Reaves was president and ceo of Richman Gordman 1/2 Price Stores and president and coo of Penn Daniels Stores. With department, specialty, discount and off-price store experience, he also spent 15 years with Federated Department Stores at the former Foley's division in Houston.

Of his experience at Wal-Mart, Reaves said, "This has been a very exciting and rewarding four years. The culture at Wal-Mart is the best of any company in any industry. This company continues to believe in individuals and allows them the opportunity to make decisions. The commitment to lowering the cost of living for everyone is something that goes beyond business … it is a personal commitment to helping people all over the world."

He now hopes "to learn how to play in my retirement as well as do some volunteer work."

Reaves will continue to do special projects until March 31. Lois Mikita, formerly senior vp, gmm, women's apparel, will replace him and take over his responsibilities immediately.

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