Wal-Mart Stores Inc appointed John Menzer as chief administrative officer on Friday, the latest executive move as the company seeks to reinvigorate sales growth in the United States.

Menzer, who will focus on broader strategic initiatives including an expansion of financial services, will continue to report to Chief Executive Officer H. Lee Scott, Wal-Mart said in a statement on Friday. U.S. stores chief Eduardo Castro-Wright will report directly to Scott instead of Menzer.

The personnel shifts have occurred as U.S. sales at older stores in 2006 grew at their slowest pace in at least 27 years. The heads of the international and Sam's Club divisions already report to Scott.

"Doesn't it make sense to let the U.S. folks have that same opportunity?" said Patricia Edwards, a Seattle-based money manager at Wentworth, Hauser & Violich, who helps manage 9 billion U.S. dollars, including Wal-Mart shares.

Castro-Wright is a seasoned executive, Edwards said, so Wal-Mart may be better served by having Menzer focus on the bigger picture.

Wal-Mart, based in Bentonville, Arkansas, withdrew its application for a bank two weeks ago. The company said it will continue to look for ways to expand the financial products it offers. This year it is opening the first branches of its own bank in Mexico.

Wal-Mart is also seeking ways to better obtain products and services worldwide, Bloomberg News reported.

Shares of Wal-Mart fell one U.S. cent at 5:55 p.m. in Friday's trading after U.S. exchanges closed. Earlier, they rose 23 cents to 46.95 dollars 4:32 p.m. in New York Stock Exchange composite trading.

The stock has declined 28 percent since Jan. 13, 2000, the day before Wal-Mart announced Scott would take over from David Glass.

Wal-Mart has shuffled several other executives this year. The retailer in January named marketing head John Fleming as merchandising chief after Doug Degn retired.

Editor: Yan