Walmart CEO Doug McMillon to Step Down

Walmart said Friday that its Chief Executive Doug McMillon would step down after over a decade in the role, a change at the top of the country’s largest retailer and private employer as it navigates an complex consumer and government landscape.

John Furner, current chief executive of Walmart U.S., will succeed McMillon as CEO after the end of the company’s fiscal year Feb. 1, the company said.

The 51-year-old Furner has served as president and CEO of Walmart U.S. since 2019, overseeing the company’s largest operating segment and more than 4,600 stores. He began his Walmart career as an hourly associate in 1993 and has held leadership roles across merchandising, operations and sourcing. His father was also an executive at the company.

McMillon, 59 years old, has led Walmart through a period of fast growth as the retail behemoth remade its operations to focus more on e-commerce sales in the face of competition from Amazon.

Updates to follow as news develops.

Write to Gareth Vipers at gareth.vipers@wsj.com