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

Walmart (WMT) announced Friday that its CEO, Doug McMillon, will retire on Jan. 31, 2026, after a more than 10-year run leading the retail giant.

Walmart’s US CEO, John Furner, will succeed McMillon as the company’s next CEO. McMillon will remain on the company’s board of directors until its next annual shareholders’ meeting. McMillon has served as Walmart’s CEO since Feb. 1, 2014.

Under McMillon’s leadership, Walmart navigated a transition from the world’s largest brick-and-mortar retailer under threat from e-commerce leader Amazon (AMZN) to a formidable hybrid player in both the physical and digital shopping channels.

The company’s market cap rose from around $250 billion when McMillon took over the company to north of $800 billion today.

Walmart stock was down more than 2% early Friday following the announcement.

Furner, who joined Walmart 30 years ago as an associate, was named the CEO of Walmart US in 2019.

“John Furner is the right leader to guide Walmart into our next chapter of growth and transformation,” Greg Penner, chairman of Walmart, said in a statement.

“John’s six-year leadership of our Walmart U.S. business during a time of rapid change, marked by digital acceleration and strong associate engagement, has positioned us for continued success.”

Furner started his career as an hourly store associate in 1993 and later served in various roles at Walmart’s wholesale retailer, Sam’s Club, including as CEO. Furner was also a senior executive for Walmart’s China business before taking over the US operation.

“As we enter a new retail era fueled by innovation and AI, our purpose and our people will continue to guide us,” Furner said in a statement. “Together, we’ll find new ways to serve customers, support our associates, and strengthen the communities we call home.”

The transition at the top of Walmart comes at a turbulent moment for many of its chief rivals, notably Target (TGT), which is in the midst of its own CEO transition.

The company has also been navigating an environment where consumers are pressured by higher prices and remain “choiceful” in their spending.

Walmart is expected to report quarterly results on Thursday, Nov. 20.

Brooke DiPalma is a reporter for Yahoo Finance. Follow her on X at @BrookeDiPalma or email her at bdipalma@yahoofinance.com.

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