Walmart CEO Doug McMillon announced his departure in a surprise move. The 59-year-old is evidently going to retire on January 31, 2026.
In a sign of just how well-regarded he is, the shares have immediately fallen 2.8%. It’s something of a surprise due to McMillan’s age and success at the retailer as he’s found ways to compete with Amazon and doubled the share price in the past two years.
McMillon will be replaced by John Furner, who started as an hourly employee with the company and has been there for 30 years. He’s 51.
“John Furner is the right leader to guide Walmart into our next chapter
of growth and transformation,” said Greg Penner, Chairman of Walmart
Inc. “After starting as an hourly associate and being with us for over
30 years in a variety of leadership roles across all three of our
operating segments, John understands every dimension of our business –
from the sales floor to global strategy. He has proven that he can
deliver results while living our values. John’s six-year leadership of
our Walmart U.S. business during a time of rapid change, marked by
digital acceleration and strong associate engagement, has positioned us
for continued success.”
McMillon will stay on the board until June.
WMT premarket
