Walmart has announced a major leadership change, with longtime CEO Doug McMillon set to retire on Jan. 31.
The retailer said John Furner, currently CEO of Walmart U.S., will assume the top job on Feb. 1 and has been appointed to the board with immediate effect.
McMillon, 59, has led Walmart Inc. since 2014 and is widely credited with reshaping the business into a digitally driven retail and technology leader.
During his tenure, Walmart’s annual revenue grew from nearly $486 billion to $681 billion, while its share price surged more than 300%.
He will remain on the board until the next annual shareholders’ meeting to support the transition.
“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.
“He leaves Walmart stronger, more innovative, and better aligned with our purpose to help people save money and live better.”
Furner, 51, has led Walmart’s largest division since 2019, overseeing more than 4,600 U.S. stores.
He began his Walmart career as an hourly associate in 1993 and has held senior roles across operations, merchandising and sourcing, including serving as president and CEO of Sam’s Club U.S.
He has also worked across several international markets.
Walmart said it will name Furner’s successor as CEO of Walmart U.S. before the end of its fiscal year.
“John Furner is the right leader to guide Walmart into our next chapter of growth and transformation,” Penner said. “After starting as an hourly associate and being with us for over 30 years in a variety of leadership roles across all three of our operating segments, 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.”
McMillon offered strong support for his successor, saying the two have worked together for more than two decades.
“His love for our associates and this company runs deep,” McMillon said.
“His curiosity and digital acumen combined with a deep commitment to our people and culture will enable him to take us to the next level. He’s uniquely capable of leading the company through this next AI-driven transformation.
“He’s a merchant, an operator, an innovator, and a builder. I know that our future is bright with his leadership.”
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