Walmart CEO Doug McMillon is retiring early subsequent yr, after overseeing the highest U.S. retailer’s transformation into an e-commerce behemoth, the corporate mentioned Friday in a submitting.
The longtime CEO will probably be succeeded by John Furner, the Walmart U.S. CEO, on Feb. 1, in line with the submitting.
McMillon, who stepped into the highest function at Walmart in February 2014, will formally retire as of Jan. 31. He’ll proceed to function an govt officer of the corporate and be employed by Walmart as an advisor by way of Jan. 31, 2027.
Furner, 51, has been the CEO of Walmart’s U.S. enterprise since 2019. In that function, he oversees greater than 4,600 shops and the biggest sector of the corporate. He began on the firm in 1993 as an hourly affiliate.
Walmart Inc. President and CEO Doug McMillon delivers a keynote deal with throughout CES 2024 at The Venetian Resort Las Vegas on January 9, 2024 in Las Vegas, Nevada.
Ethan Miller | Getty Photos
The announcement of the CEO transition comes solely six days earlier than the retailer is ready to report quarterly earnings. Walmart shares had been up 13% this yr as of Thursday’s shut, as the corporate grows its digital enterprise and wins over extra high-income customers.
For greater than a decade, McMillon, 59, has led the retail large and overseen the corporate’s development as an e-commerce chief. He additionally oversaw the enterprise throughout a tumultuous time marked by the Covid pandemic, provide chain disruptions, excessive inflation and tariff modifications.
Throughout his time main the corporate, Walmart’s shares have risen almost 300%. The corporate’s inventory fell greater than 2% in premarket buying and selling Friday.
Walmart inventory since Feb. 1, 2014.
McMillon and Furner have had related paths to the highest function at Walmart. Each started as hourly associates and moved up the ranks on the retail large, serving in merchandising and operations roles. Each additionally served as chief executives of its warehouse membership, Sam’s Membership.
In an announcement, Walmart chairman Greg Penner described Furner as “the best chief to information Walmart into the following chapter of our development and transformation.”
“After beginning as an hourly affiliate and being with us for over 30 years in a wide range of management roles throughout all three of our working segments, John understands each dimension of our enterprise – from the gross sales flooring to world technique,” Penner added.
“Serving as Walmart’s CEO has been an excellent honor and I am grateful to our Board and the Walton household for the chance,” McMillon mentioned in an announcement. “I’ve labored with John for greater than 20 years. … He is uniquely able to main the corporate by way of this subsequent AI-driven transformation.”
Together with Walmart, big-box competitor Goal can be poised to get a brand new chief in early 2026. Goal introduced final month that Michael Fiddelke, chief working officer and former chief monetary officer, will succeed longtime Goal CEO Brian Cornell on Feb. 1.
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