It’s the end of an era for Walmart as CEO Doug McMillon, who turned the nation’s largest retailer into a tech-powered giant since taking over in 2014, has announced he’ll retire in January.
John Furner, a long time insider and head of Walmart’s U.S. operations, will take over, the company said Friday.
McMillon’s retirement is effective Jan. 31, 2026. Furner will start as CEO the next day.
During McMillon’s tenure as CEO, he invested heavily in its workers by increasing wages, expanding parental leave and launching a program for certificates or degrees for employees seeking education opportunities.
Walmart has also lowered its prices and embraced technology like artificial intelligence to improve customer and worker experiences.
“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. “I’m incredibly proud of what our associates accomplished and deeply grateful for their commitment to our customers, to each other and to the communities we serve.
“Thank you, everyone! I’ve worked with John for more than 20 years. His love for our associates and this company runs deep. His curiosity and digital acumen combined with a deep commitment to our people and culture will enable him to take us to the next level. He’s uniquely capable of leading the company through this next AI-driven transformation. He’s a merchant, an operator, an innovator, and a builder. I know that our future is bright with his leadership.”
Shares of the company fell about 3% in premarket trading after the announcement.
Furner, meanwhile, is no stranger to the U.S. side of the business as he’s served as president and CEO of Walmart U.S. since 2019, overseeing its more than 4,600 stores.
He began his Walmart career as an hourly associate in 1993 and worked his way up to leadership, first in roles across merchandising, operations and sourcing.
The company said Furner has lived and worked in multiple countries and served as president and CEO of Sam’s Club U.S.
Walmart said McMillon will stay on the board until June and stay on as an advisor to Furner through FY2027.
