Doug McMillon, Walmart’s CEO for just over a decade, is retiring next year, the retailer announced Friday.
McMillon will be succeeded by John Furner on February 1, 2026. Furner is currently the CEO and president of Walmart’s US operations, the company’s largest business unit. Both executives have been with the company for several decades in various leadership roles.
The transition comes amid a tumultuous time for retailers, as tariffs and sinking consumer sentiment has roiled the industry’s bottom lines. Yet Walmartunder McMillon has overcome many of the issues that have plagued competitors – its supply-chain dominance and grocery prowess has allowed Walmart to offer rock-bottom prices on necessities, attracting customers across a wide range of income groups. The company reported in its most recent earnings call that its fastest-growing customer segment includes households who earn more than $100,000 a year.
McMillon also oversaw the company’s transition to a major ecommerce competitor, offering a strong alternative to Amazon and a significant growth engine for Walmart. The company has grown its Walmart+ subscription business that serves as a kind of nascent rival to Amazon Prime.
He was also previously the chairman of Business Roundtable, the most prominent group of nearly 200 chief executives representing corporate America’s interests in Washington, for a two-year term.
In addition to expanding Walmart, he’s also made striking changes at the company. In 2019, Walmart stopped selling handgun ammunition, ammunition commonly used in military-style assault weapons and ask customers to stop openly carrying guns at stores after a mass shooting at an El Paso, Texas location left 22 people dead.
He was also an outspoken critic of the insurrection at the US Capitol on January 6, and he has frequently spoken out against President Donald Trump’s tariffs.
But McMillon also oversaw the unsuccessful $3 billion acquisition of Jet.com, an upmarket Amazon rival that didn’t pan out the way Walmart had expected. The business was ultimately shut down and integrated into the broader Walmart.com. McMillon’s push into upscale clothing, like Bonobos, also hasn’t worked out.
McMillon first began as a store associate and worked his way to top including stints at Sam’s Club and Walmart’s international operations. He helped harness Walmart (WMT) into being a true competitor to Amazon and its stock has grown 300% since he became CEO in 2014.
“Our family and Board have stated many times that Doug was uniquely qualified to be CEO at the necessary time for Walmart,” said Greg Penner, Chairman of Walmart Inc., in a press release. “Doug led a comprehensive transformation by investing in our associates, advancing our digital and eCommerce capabilities, and modernizing our supply chain, resulting in sustained, robust financial performance.”
As for Furner, he’s been the CEO and President of Walmart US’ 4,600 stores since 2019 and also began as an hourly associate in 1993. In addition, he’s worked at Sam’s Club and Walmart China. The company credited his “associate development, digital innovation, and operational excellence.”
Walmart said that McMillon remain on its board until next June and will be an adviser to Furner throughout fiscal year 2027. An announcement on Walmart’s US CEO replacement will be named soon.
By CNN
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