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.

Wal-Mart said in a filing that Cornell, 50, will receive a signing bonus of $1 million.

Cornell replaces Doug McMillon, who became president and CEO of Wal-Mart International on February 1.

The 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.

Private equity firms Bain Capital and the Blackstone Group control Michaels, a seller of arts and crafts supplies.

(Reporting by Lisa Baertlein; Editing by Andre Grenon)

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