Walmart CEO Doug McMillon will retire and be replaced by John Furner, the company announced Friday. File Photo by James Atoa/UPI | License Photo
Walmart announced Friday that its president and CEO Doug McMillon is retiring and will be replaced by John Furner.
McMillon, 59, will retire at the end of January, and Furner, 51, will step in. Furner began his Walmart journey as an hourly associate in 1993 and has steadily climbed the Walmart ladder, according to a company press release. He is now serving as president and CEO of Walmart U.S. since 2019, which is the company’s largest market with more than 4,600 stores.
McMillion became CEO in 2014, stepping in from his role as CEO of Sam’s Club. In his tenure, Walmart shares have risen more than 300%, CNBC reported. He also began as an hourly associate. He will stay on the board until the next annual shareholders’ meeting and help ensure a smooth transition, Walmart said. He will also stay as an advisor to Furner through fiscal year 2027.
Walmart’s stock dropped Friday more than 2% in premarket trading.
“John Furner is the right leader to guide Walmart into our next chapter of growth and transformation,” said Greg Penner, chair of Walmart, in a statement. “John understands every dimension of our business — from the sales floor to global strategy. He has proven that he can deliver results while living our values. 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.”
Penner also thanked McMillon for his leadership.
“Our family and board have stated many times that Doug was uniquely qualified to be CEO at the necessary time for Walmart,” Penner said in the statement. “Over more than a decade as CEO, Doug led a comprehensive transformation by investing in our associates, advancing our digital and eCommerce capabilities, and modernizing our supply chain, resulting in sustained, robust financial performance. He leaves Walmart stronger, more innovative, and better aligned with our purpose to help people save money and live better.”
