Walmart says longtime CEO Doug McMillon will retire in January
Walmart announced on Friday that CEO Doug McMillon, who has been with the company since 1984 and has led as CEO since 2014, will retire in January. McMillon, 59, will step down as CEO on Jan. 31 but will continue to serve on the retailer’s board of directors until the annual shareholders’ meeting. John Furner, who has been the president and CEO of Walmart U.S. since 2019, will take over as chief executive on Feb. 1.
During his tenure, McMillon oversaw significant growth in tech-based initiatives at Walmart, including investments in e-commerce and artificial intelligence. He also focused on improving wages and benefits for Walmart’s 2.1 million employees. Under his leadership, Walmart’s shares soared over 300%, driven by increased sales and profitability.
Adam Crisafulli, an analyst with Vital Knowledge, praised McMillon for his leadership in navigating the volatile retail landscape over the past 12 years. McMillon’s retirement came as a surprise to many, given the company’s strong performance and his relatively young age.
Since McMillon took on the role of CEO in 2014, Walmart’s annual revenue has grown from nearly $486 billion to $681 billion in the latest fiscal year. Despite speculation that he would stay on longer, McMillon had previously indicated his intention to step down after three more years.
John Furner, who will succeed McMillon as CEO, has been praised as a strong leader for his management of Walmart’s U.S. business. However, McMillon’s retirement is expected to have an impact on the company, given his excellent stewardship and leadership.
In a statement, McMillon expressed confidence in Furner’s abilities, noting their long-standing working relationship. He praised Furner’s digital acumen, commitment to the company’s people and culture, and predicted that Furner would lead Walmart to the next level.
McMillon will continue to serve as an adviser to Furner through Jan. 31, 2027, according to Walmart’s announcement. Following the news of McMillon’s retirement, the retailer’s shares dipped 2.3% in early morning trading.
