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The company said current Wal-Mart Asia Chief Executive Greg Foran will replace Simon, who has guided the retailer's U.S. division since June 2010. The change is scheduled to take place Aug. 9.
Foran, a 35-year retail veteran, has held the top Asia job since June. He came to the Bentonville, Ark., company in October 2011 and rose to chief executive of its China division less than a year later.
In a news release, Wal-Mart Stores Inc. said Simon will be "transitioning out of the company," but did not give a reason for the shakeup.
Wal-Mart's U.S. sales growth has been meager lately. In the first quarter, the company reported sales were flat at stores open at least a year
Simon will "be available" as a consultant for six months to help with the transition, the company said.
Wal-Mart said it will announce a new Asia chief executive at a later date.