Walmart announced Friday that its longtime CEO, Doug McMillon, will retire at the end of January, which came as a surprise to some given the company’s success in a rapidly evolving retail landscape.
John Furner, Walmart’s U.S. chief executive, will take over as CEO on Feb. 1, the company said. McMillon will continue to serve in an executive and advisory role until January 2027.
McMillon, 59, has held the top job since 2014 and is just the fifth person to lead the storied company in its 63-year history.
“Serving as CEO of Walmart has been a great honor and I am grateful to our board of directors and the Walton family for the opportunity,” McMillon said in a statement. “I have worked with John for over 20 years…He is uniquely capable of leading the company through this next AI-powered transformation.”
America’s retail landscape continues to evolve rapidly as consumer spending shows increasing signs of bifurcating between the wealthiest households and everyone else. However, Walmart’s results have remained stable and it has been fairly rewarded by investors, who have sent its shares up 13% in 2025. During McMillon’s tenure, its shares have risen about 300%.
On Walmart’s most recent earnings call in August, McMillon indicated that the company has been able to withstand the broader pressures facing consumers, noting that its “shopper behavior has been broadly consistent. We’re not seeing dramatic changes.”
