Walmart CEO Doug McMillon to retire Jan. 31, longtime exec John Furner named next CEO

Walmart (WMT) announced Friday that its CEO, Doug McMillon, volition discontinue connected Jan. 31, 2026, aft a much than 10-year tally starring the retail giant.

Walmart's US CEO, John Furner, volition win McMillon arsenic the company's adjacent CEO. McMillon volition stay connected the company's committee of directors until its adjacent yearly shareholders’ meeting. McMillon has served arsenic Walmart's CEO since Feb. 1, 2014.

Under McMillon's leadership, Walmart navigated a modulation from the world's largest brick-and-mortar retailer nether menace from e-commerce person Amazon (AMZN) to a formidable hybrid subordinate successful some the carnal and integer buying channels.

The company's marketplace headdress roseate from astir $250 cardinal erstwhile McMillon took implicit the institution to northbound of $800 cardinal today.

Walmart banal was down much than 2% aboriginal Friday pursuing the announcement.

Furner, who joined Walmart 30 years agone arsenic an associate, was named the CEO of Walmart US successful 2019.

"John Furner is the close person to usher Walmart into our adjacent section of maturation and transformation,” Greg Penner, president of Walmart, said successful a statement.

"John’s six-year enactment of our Walmart U.S. concern during a clip of accelerated change, marked by integer acceleration and beardown subordinate engagement, has positioned america for continued success."

Furner started his vocation arsenic an hourly store subordinate successful 1993 and aboriginal served successful assorted roles astatine Walmart's wholesale retailer, Sam's Club, including arsenic CEO. Furner was besides a elder enforcement for Walmart's China concern earlier taking implicit the US operation.

"As we participate a caller retail epoch fueled by innovation and AI, our intent and our radical volition proceed to usher us," Furner said successful a statement. "Together, we’ll find caller ways to service customers, enactment our associates, and fortify the communities we telephone home."

The modulation astatine the apical of Walmart comes astatine a turbulent infinitesimal for galore of its main rivals, notably Target (TGT), which is successful the midst of its ain CEO transition.

The institution has besides been navigating an situation wherever consumers are pressured by higher prices and stay "choiceful" successful their spending.

Walmart is expected to study quarterly results connected Thursday, Nov. 20.

Brooke DiPalma is simply a newsman for Yahoo Finance. Follow her connected X astatine @BrookeDiPalma oregon email her astatine [email protected].

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