Greg Foran, the president and chief of retail giant Walmart United States is replacing Christopher Luxon in the top job.
Foran grew up in Hastings and Hamilton, and he's returning home after spending 25 years overseas.
New Zealand Herald deputy business editor Grant Bradley says Foran certainly isn't coming back for the money.
He says at Walmart, Foran earned around 16 million dollars last year - so he's taken a pay cut.
