Farewell to Wal-Mart's Lee Scott

After a very rough start, Wal-Mart (WMT) CEO Lee Scott is stepping down with his retailer again "the place to shop"...

Back in May of 2007 I said it was time for Scott to go. I said rather than concentrating on growth, he ought to cut back growth, buy back shares and invest in existing locations. Less than a month later Wal-Mart announced it was cutting back expansion plans and planned a $15 billion share repurchase plan.

No, I do not think they were listening to me but it does show Scott was nimble enough to turn the tide of two decades of breakneck growth plans and change the company's focus. For that he ought to get kudos...

It wasn't too long ago that we were hearing about how Target (TGT) was displacing Wal-Mart as the top retailer. I haven't heard that for a while now and don't think we will be hearing it either...

Disclosure: Long WMT, TGT