Doug McMillon, president and CEO of Walmart Inc. during a massive expansion and technological revolution, will retire and be succeeded by John Furner, president and CEO of Walmart U.S.
Why it matters: Furner takes over the largest U.S. retailer at a crucial moment, with tariffs weighing on the economy and growing pressure from both consumers and the government over affordability.
- The company is also in the early stages of an AI transformation that McMillon has said will in some way change every one of the company's 2 million-plus jobs.
Driving the news: Furner, 51, will succeed McMillon, 59, as CEO on Feb. 1.
- Furner — a Walmart lifer who joined the company as an hourly associate in 1993 — formerly served as CEO of Sam's Club U.S. and head of marketing for Walmart China.
- He's also a past chairman of the National Retail Federation.
- "He has proven that he can deliver results while living our values," Walmart chairman Greg Penner said in a statement.
By the numbers: Since McMillon took over as CEO in Nov. 2013, the stock has quadrupled, doubling the performance of the retail sector's main players over that time.
- The company, with more than $680 billion in annual revenue, sits atop the Fortune 500.
- Globally, Walmart each week serves 270 million customers and members at more than 10,750 stores and clubs in 19 countries, plus numerous e-commerce sites.
Between the lines: Walmart officials say they're following the same game plan they did when McMillon was announced as CEO, giving Furner a similar runway to take over.
- McMillon will remain on the board through June 2026 and an advisor to the company through January 2027.
What to watch: The company is due to report quarterly earnings next week, where Wall Street analysts are sure to ask about Furner's plans for the future.
Editor's note: This story was updated with additional context.
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