LOS ANGELES (Reuters) - Wal-Mart Stores Inc said on Monday it hired former Michaels Stores Inc Chief Executive Brian Cornell as the president and CEO of its Sam's Club warehouse business, effective April 3.
And in a game of corporate musical chairs, Michaels said it hired former Wal-Mart vice chairman and chief administrative officer John Menzer as its new CEO.
Wal-Mart said in a filing that Cornell, 50, will receive an annual base salary of $800,000 with a signing bonus of $1 million.
Cornell, who before Michaels held management roles at Safeway Inc
Private equity firms Bain Capital and the Blackstone Group control Michaels, a seller of arts and crafts supplies.
Menzer has experience in that arena, having served as president of Ben Franklin Retail Stores, a wholesaler and retailer of crafts and general merchandise, before joining Wal-Mart.
Michaels operates over 1,000 stores in the United States and Canada, and also owns the smaller Aaron Brothers framing chain.
Wal-Mart has seen recent sales weakness at its Sam's club stores in the United States, where it operates in more than 600 locations, and the company recently announced it was closing its six locations in Canada.
Sam's Club shoppers pay an annual fee to shop in its clubs and receive discounts on goods from computers to paper towels. The chain caters both to individuals and small business owners.
Shares in Wal-Mart, one of the recession's best-performing retailers, closed down 2.9 percent at $47.51 on the New York Stock Exchange.
(Reporting by Lisa Baertlein; Additional reporting by Alexandria Sage; Editing by Andre Grenon, Gary Hill)
