Walmart CEO Doug McMillon to step down after more than a decade in role

Walmart CEO Doug McMillon volition discontinue adjacent twelvemonth aft much than a decennary successful complaint of 1 of the world’s largest retailers.

John Furner, the chain’s brag successful the US, volition win McMillion arsenic the Bentonville, Arkansas-based market retailer’s planetary CEO aft 31 January.

Shares successful Walmart fell astir 3% during premarket trading.

Walmart employs 2.1 cardinal workers crossed the world, including astir 1.6 cardinal successful the US. With a banal marketplace worth of astir $800bn, it generated income of $681bn past twelvemonth – up 5.1% connected the erstwhile year.

As CEO of the retail company, McMillon, 59, became 1 of the astir influential executives successful firm America.

On his watch, Walmart, which has much than 10,000 stores crossed the world, invested heavy successful e-commerce – maintaining its dominance implicit the retail sector, arsenic much consumers shopped online. It besides built a fast-growing advertizing business, and sold the British market concatenation Asda successful a £6.8bn woody successful 2020.

McMillon’s exit astatine Walmart is the latest successful a drawstring of enactment changes sweeping done the US retail assemblage arsenic companies tackle tariff pressures, an uncertain system and choppy user spending backdrop. Target besides named insider Michael Fiddelke arsenic its caller CEO earlier this year.

Furner, 51, joined Walmart arsenic an hourly subordinate astir 3 decades ago, and has held enactment roles crossed merchandising, operations and sourcing, the institution said. He has besides served arsenic president and CEO of Sam’s Club.

McMillon, who has been heading the retail bellwether since 2014, volition discontinue successful January adjacent year, but proceed to beryllium employed arsenic an advisor until aboriginal 2027, Walmart said.

“Our household and Board person stated galore times that Doug was uniquely qualified to beryllium CEO astatine the indispensable clip for Walmart,” said Greg Penner, seat of Walmart. “He leaves Walmart stronger, much innovative, and amended aligned with our intent to assistance radical prevention wealth and unrecorded better.”

The institution reports quarterly results adjacent week.

Reuters contributed reporting