Wal-Mart's president and chief executive is quitting his job.

David Glass is credited with building the company into the world's largest retailer.

Glass, 64, succeeded Wal-Mart founder Sam Walton as chief executive 12 years ago.

Lee Scott, who has been chief operating officer and vice-chairman for the past year, will succeed Glass as chief executive and president.

Analysts said the moves had been predicted.

The company, based in Arkansas, USA, said Glass will remain full-time for at least the next year as chairman of the executive committee of the board of directors.

Under Glass's leadership, the company expanded its presence greatly in the United States and abroad.

It has earned a worldwide reputation for selling goods more cheaply than rivals.

Glass aids growth

Last year, it made its first foray into the UK, buying up supermarket chain Asda, sparking a new price war.

In 1988, Wal-Mart increased its annual revenues from $16bn in 1988 to an estimated $165bn in the current financial year.

Wal-Mart now operates more than 2,485 Wal-Mart discount stores and 456 Sam's Clubs warehouse stores in the US.

Glass helped create the company's Supercenters, which combine grocery stores with general merchandise.

The news comes the same day as the UK's second biggest supermarket, J Sainsbury, revealed it was replacing its chief executive.