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Walmart CEO Doug McMillon to step down after decade-long tenure
Walmart announced Friday that Chief Executive Doug McMillon will retire in January 2026 after more than 11 years leading the world's largest retailer. He will be succeeded by John Furner, the company's current head of U.S. operations and a 30-year Walmart veteran, as the firm navigates shifting consumer demand and tariff pressures.
Legacy of digital expansion and strategic retrenchment
McMillon, 59, assumed leadership in 2014 amid rising competition from e-commerce giants. During his tenure, Walmart aggressively expanded its online capabilities while scaling back underperforming international ventures. The company reported roughly $670 billion in revenue last year, operating over 10,000 stores across 19 countries.
Analysts credit McMillon with modernizing Walmart's supply chain and workforce investments, though not all bets paid off. The retailer sold menswear brand Bonobos in 2023 at a loss, just six years after acquiring it, highlighting the challenges of its digital pivot. Still, online sales now drive significant growth, with U.S. revenue rising nearly 5% in the latest quarter despite inflationary pressures.
"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."
Greg Penner, Walmart Chairman
Furner's rise from shop floor to corner office
Furner, 51, began his career at Walmart as an hourly associate before ascending to lead the U.S. division in 2019. He steered the company through pandemic-era supply chain disruptions and recent tariff volatility, leveraging Walmart's scale to mitigate price hikes and gain market share. McMillon praised Furner as "uniquely capable" of leading the next phase of growth, particularly in AI-driven retail innovation.
McMillon will remain as an adviser to Furner and stay on the board through June 2026 to ensure a smooth transition. Shares dipped roughly 2% at market open before partially recovering, reflecting investor reactions to the leadership change. The stock remains up about 14% year-to-date.
Industry reaction: A 'transformational' leader
Retail analysts described McMillon's impact as profound. Neil Saunders, managing director at GlobalData, noted that McMillon transformed Walmart from a defensive posture into an agile competitor, even as e-commerce reshaped the sector.
"He's taken a very good business and made it even better, which is a very difficult thing to do."
Neil Saunders, GlobalData
Saunders added that Walmart under McMillon often behaved like a "small business"-quick to experiment-despite its global scale. The strategy paid off in digital growth but included setbacks, like the Bonobos divestiture.
What's next for Walmart
The transition comes as Walmart faces slowing consumer spending and evolving trade policies. Furner's immediate priorities will likely include navigating tariff shifts, sustaining e-commerce momentum, and integrating AI tools across operations. The company has not announced further leadership changes.
