walmart CEO Doug McMillon will step down early next year after overseeing the transformation of the major U.S. retailer into an e-commerce giant, the company said in a filing Friday.
The longtime CEO will be replaced by Walmart U.S. CEO John Furner, effective February 1, according to the filing.
McMillon, who took over as head of Walmart in February 2014, will officially retire from his position on January 31st. He will continue to serve as an executive officer of the company and will be retained by Walmart as an advisor until January 31, 2027.
Furner, 51, has been CEO of Walmart’s U.S. operations since 2019. In that role, he oversees more than 4,600 stores and the company’s largest division. He joined the company in 1993 as an hourly employee.
Doug McMillon, president and CEO of Walmart Inc., delivers the keynote speech at CES 2024 at The Venetian Resort Las Vegas on January 9, 2024 in Las Vegas, Nevada.
Ethan Miller | Getty Images
The CEO change announcement came just six days before the company was scheduled to report its quarterly results. Walmart stock has risen 13% since the beginning of the year as of Thursday’s close as the company grows its digital business and attracts more high-income shoppers.
Mr. McMillon, 59, has led the retail giant for more than a decade, overseeing its growth as an e-commerce leader. He also oversaw the business during a turbulent period marked by the coronavirus pandemic, supply chain disruptions, high inflation and tariff changes.
Walmart’s stock price has increased nearly 300% while he has led the company. The company’s shares fell more than 2% in premarket trading Friday.
Walmart stock since February 1, 2014.
Mr. McMillon and Mr. Furner have followed similar paths to the top positions at Walmart. Both started as hourly employees and rose through the ranks at the retail giant, holding roles in merchandising and operations. Both also served as chief executive officers of the company’s warehouse club, Sam’s Club.
Walmart Chairman Greg Penner said in a statement that Furner is “the right leader to lead Walmart into its next chapter of growth and transformation.”
“After joining us as an hourly employee and spending more than 30 years in a variety of leadership roles across all three of our business segments, John understands every aspect of our business, from the sales floor to our global strategy,” Penner added.
“It is a great honor to serve as CEO of Walmart, and I am grateful to the board of directors and the Walton family for the opportunity,” McMillon said in a statement. “I’ve worked with John for over 20 years. … He has the unique ability to lead the company through this next AI-driven transformation.”
Major competitors alongside Walmart target Target last month announced that Michael Fidelke, its chief operating officer and former chief financial officer, would replace longtime Target CEO Brian Cornell, effective February 1.
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