Walmart CEO Doug McMillon is retiring early subsequent yr, the corporate mentioned Friday in a submitting.
The longtime CEO shall be succeeded by John Furner, the Walmart U.S. CEO, on Feb. 1, in keeping with the submitting.
McMillon, who stepped into the highest function at Walmart in February 2014, will formally retire as of Jan. 31. He’ll proceed to function an government officer of the corporate and be employed by Walmart as an advisor by way of Jan. 31, 2027.
Furner, 51, has been the CEO of Walmart’s U.S. enterprise since 2019. In that function, he oversees greater than 4,600 shops and the biggest sector of the corporate. He began on the firm in 1993 as an hourly affiliate.
In a press release, Walmart chairman Greg Penner described Furner as “the precise chief to information Walmart into the following chapter of our development and transformation.”
“After beginning as an hourly affiliate and being with us for over 30 years in quite a lot of management roles throughout all three of our working segments, John understands each dimension of our enterprise – from the gross sales ground to international technique,” Penner added.
Walmart Inc. President and CEO Doug McMillon delivers a keynote handle throughout CES 2024 at The Venetian Resort Las Vegas on January 9, 2024 in Las Vegas, Nevada.
Ethan Miller | Getty Photographs
For greater than a decade, McMillon, 59, has led the retail big and overseen the corporate’s development as an e-commerce chief. He additionally oversaw the enterprise throughout a tumultuous time marked by the Covid pandemic, provide chain disruptions, excessive inflation and tariff adjustments.
Throughout his time main the corporate, Walmart’s shares have risen almost 300%. The corporate’s inventory fell greater than 2% in premarket buying and selling Friday.
McMillon, who started on the retailer as an hourly affiliate, has moved up by way of the ranks at Walmart into roles in merchandising, operations and sourcing. Previous to turning into Walmart’s CEO, he was chief government of its warehouse membership, Sam’s Membership.
Together with Walmart, big-box competitor Goal can be poised to get a brand new chief in early 2026. Goal introduced final month that Michael Fiddelke, chief working officer and former chief monetary officer, will succeed longtime Goal CEO Brian Cornell on Feb. 1.
Walmart inventory since Feb. 1, 2014.
“Serving as Walmart’s CEO has been an excellent honor and I am grateful to our Board and the Walton household for the chance,” McMillon mentioned in a press release. “I’ve labored with John for greater than 20 years. … He is uniquely able to main the corporate by way of this subsequent AI-driven transformation.”
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