Walmart CEO Change: Doug McMillon is Retiring

Walmart CEO Doug McMillon's Retirement Announced

Walmart (WMT) announced that CEO Doug McMillon will retire on January 31, 2026. McMillon has served as the company's CEO since February 1, 2014, and during this time, he has transformed Walmart into an effective hybrid player in both physical and digital shopping channels.

Walmart U.S. CEO John Furner will succeed McMillon. Furner was appointed CEO of Walmart U.S. in 2019 and began his career as a store employee in 1993. He also served as CEO of Walmart's wholesale retailer Sam's Club in the past and was a senior executive in Walmart's China operations.

Under McMillon's leadership, Walmart's market value increased from approximately $250 billion to over $800 billion. However, following the retirement announcement, Walmart shares fell by more than 2%.

Furner was supported by Walmart Chairman of the Board Greg Penner, who stated, "John Furner is the right leader to guide Walmart on its journey of growth and transformation." Furner commented, "As we enter a new era of retail driven by innovation and artificial intelligence, our purpose and our associates will continue to guide us."

This high-level management change occurs during a challenging time, particularly for key competitors such as Target (TGT). In an environment where consumers are spending carefully in the face of rising prices, Walmart is expected to announce its fourth-quarter results on Thursday, November 20.