Doug McMillon, the chief executive officer of Walmart Inc., will retire from his position early next year, concluding an eleven-year tenure at the helm of the global retail giant. The company’s board has named John Furner, currently the head of Walmart’s U.S. operations, as his successor, effective February 1.
The leadership change, disclosed ahead of the company’s upcoming quarterly earnings report, prompted a modest decline in the retailer’s share price during early trading. Walmart, which operates over 10,000 stores worldwide and employs approximately 2.1 million people, is valued at nearly $800 billion on the stock market.
During McMillon’s leadership, which began in 2014, Walmart aggressively expanded its digital and e-commerce capabilities to compete in an increasingly online marketplace. The company also developed a significant advertising division and completed major strategic moves, including the sale of its Asda subsidiary in the United Kingdom. Under his guidance, annual revenues grew to $681 billion.
McMillon’s retirement marks another high-profile executive transition within the U.S. retail industry, a sector currently navigating economic uncertainty, shifting consumer habits, and international trade complexities. Other major chains have also recently appointed new chief executives.
His successor, John Furner, is a company veteran who started his career with Walmart as an hourly employee nearly thirty years ago. He has since held numerous leadership roles across merchandising, operations, and sourcing, and previously served as the president and CEO of Sam’s Club, Walmart’s membership warehouse division.
Following his retirement from the CEO role in late January, McMillon will remain with the company in an advisory capacity for an additional two years. In a statement, Walmart’s chairman credited McMillon with strengthening the company’s culture, driving innovation, and steadfastly focusing on its core mission of helping customers save money.