Walmart CEO Doug McMillon is retiring early next year, the company said Friday in a filing.
The longtime CEO will be succeeded by John Furner, the Walmart U.S. CEO, on Feb. 1, according to the filing. Both changes take effect then.
Furner, 51, has been the CEO of Walmart’s U.S. business since 2019. In that role, he oversee more than 4,600 stores and the largest sector of the company.
In a statement, Walmart chairman Greg Penner described Furner as “the right leader to guide Walmart into the next chapter of our growth and transformation.”
“After starting as an hourly associate and being with us for over 30 years in a variety of leadership roles across all three of our operating segments, John understands every dimension of our business – from the sales floor to global strategy,” Penner added.
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 business during a tumultuous time marked by the Covid pandemic, supply chain disruptions and tariff changes.
During his time at the company, Walmart’s shares are up nearly 300%. The company’s stock fell more than 2% in premarket trading Friday.
“Serving as Walmart’s CEO has been a great honor and I’m thankful to our Board and the Walton family for the opportunity,” McMillon said in a statement. “I’ve worked with John for more than 20 years. … He’s uniquely capable of leading the company through this next AI-driven transformation.”
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