Wal-Mart CEO Bill Simon will step down from his possition effective Aug. 9, according to the company's announcement.

There was no reason given why Simon will leave his post, but Brian Sozzi, CEO of Belus Capital Advisors, said the timing for Wal-Mart top executive's resignation was unusual because shopping season is about to come.

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There is a reason why the company is letting go of a valuable asset of the company who is high-ranking, according to Sozzi. "McMillon is starting to clean house and pick executives who will move quicker," he said.

Robert Drubul, an equity analyst for Nomura, said Simon's leadership in Wal-Mart was exceptional and he deserved recognition for all the work he has put into the company.

Drubul said in a research note that Simon made important contributions that turned Wal-Mart around. He emphasized that Simon increased the employment rate for workers and initiated plans to increase U.S. manufacturing in the company.

Greg Foran, CEO and President of Wal-Mart's Asia operations, will replace Simon.

The U.S. CEO held his position since June 2010 and even went against Doug McMillion to become the CEO of the entire company, but McMillon got the position.

Foran will be reporting directly to McMillion in a consulting contract for six months.

McMillon said in an interview that Foran's knowledge and fresh new ideas will be good for the company. He added that Wal-Mart's CEO of Asia is "one of the most talented retailer" he has ever met.

The company's management shake is reportedly due to the struggles that Wal-Mart U.S. is facing. The company has been experiencing sales decline for five consecutive quarters in some of their new stores.

The company is looking for someone with a new perspective and can create strategies to improve the companys present condition, according to reports.

TagsWalmart, US, Bill Simon, resign