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NEW YORK (AP) — Walmart CEO Doug McMillon, who turned the nation’s largest retailer into a tech-powered giant since taking over in 2014, will retire in January in a surprise move.
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John Furner, 51, a longtime insider and head of Walmart’s U.S. operations, will take over, the company said Friday. Shares fell 3% immediately in premarket trading after the news, which was unexpected. McMillon is 59 years old.
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McMillon’s retirement is effective Jan. 31, 2026. Furner will start as CEO the next day.
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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.
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“Over more than a decade as CEO, Doug led a comprehensive transformation by investing in our associates, advancing our digital and e-commerce capabilities, and modernizing our supply chain, resulting in sustained, robust financial performance,” said Walmart Chairman Doug Penner, who is the son-in-law of the Walmart’s late founder Sam Walton. “He leaves Walmart stronger, more innovative, and better aligned with our purpose to help people save money and live better.”
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Penner said that Furner, who started with the company in 1993, has more than 30 years in a variety of leadership roles across all three of Walmart’s operating segments, including six years as the head of Walmart’s U.S. business.
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Since McMillon became CEO in February 2014, annual revenue has grown from $485.7 billion to $681 billion in its latest fiscal year. Its stock was hovering around $25; now it is over $102 per share.
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