Walmart CEO Doug McMillon will retire early next year, the company announced Friday in a statement.
The longtime CEO will be replaced by John Furner, Walmart’s U.S. CEO, on Feb. 1, according to the filing.
McMillon, who took over as CEO of Walmart in February 2014, will officially retire on January 31. He will continue to serve as CEO of the company and be employed by Walmart as an advisor until January 31, 2027.
Furner, 51, has been CEO of Walmart’s U.S. operations since 2019. In this role, he oversees more than 4,600 stores and the company’s largest sector. He started with the company in 1993 as an hourly associate.
In a statement, Walmart Chairman Greg Penner described Furner as “the ideal leader to guide Walmart into the next chapter of our growth and transformation.”
“Having started as an hourly associate and worked with us for more than 30 years in various leadership roles across our three operating segments, John understands every dimension of our business – from the sales floor to global strategy,” added Penner.
Walmart Inc. Chairman and CEO Doug McMillon delivers a speech during CES 2024 at the Venetian Resort Las Vegas on January 9, 2024 in Las Vegas, Nevada.
Ethan Miller | Getty Images
For more than a decade, McMillon, 59, has led the retail giant and overseen the company’s growth as an e-commerce leader. He also oversaw the company through a tumultuous period marked by the Covid pandemic, supply chain disruptions, high inflation and tariff changes.
During his time running the company, Walmart shares rose nearly 300%. Shares of the company fell more than 2% premarket Friday.
McMillon, who started at the retailer as an hourly associate, rose through the ranks at Walmart holding positions in merchandising, operations and procurement. Before becoming CEO of Walmart, he was general manager of its warehouse club, Sam’s Club.
Alongside Walmart, a large-scale competitor Target is also poised to have a new leader in early 2026. Target announced last month that Michael Fiddelke, chief operating officer and former chief financial officer, will succeed longtime Target CEO Brian Cornell on February 1.
Walmart stock since February 1, 2014.
“Serving as CEO of Walmart has been a great honor and I am grateful to our board and the Walton family for this opportunity,” McMillon said in a statement. “I have worked with John for over 20 years. … He is uniquely capable of leading the company through this next AI-driven transformation.”
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