Walmart CEO Doug McMillon will retire in January

Walmart CEO Doug McMillon will retire early next year, after overseeing the transformation of the largest U.S. retailer into an e-commerce giant. The company said Friday in a filing.

The longtime CEO will succeed John Furner, Walmart’s US CEO, on February 1, according to the filing.

McMillon, who took the top job at Walmart in February 2014, will officially retire effective Jan. 31. He will continue to serve as CEO of the company and will be appointed to Walmart as a consultant until January 31, 2027.

Forner, 51, has been CEO of Walmart’s U.S. business since 2019. In that role, he oversees more than 4,600 stores and the company’s largest segment. He started his work with the company in 1993 as an hourly assistant.

The announcement of the CEO move comes just six days before the retailer reports its quarterly earnings. Walmart shares were up 13% this year as of Thursday’s close, as the company works to grow its digital business and win more high-income shoppers.

For more than a decade, McMillon, 59, has led the retail giant and oversaw the company’s growth as an e-commerce leader. He also oversaw the business during a turbulent period marked by the Covid pandemic, supply chain disruptions, rising inflation and tariff changes.

During his time leading the company, Walmart shares rose nearly 300%. The company’s stock fell more than 2% in pre-market trading on Friday.

McMillon and Forner had similar paths to the top role at Walmart. They both started as hourly associates and then rose through the ranks at the retail giant, working in merchandising and operations roles. Both also served as CEO of their own warehouse club, Sam’s Club.

In a statement, Walmart President Greg Benner called Forner “the right leader to guide Walmart into the next chapter of our growth and transformation.”

“Having started as an hourly associate and been with us for more than 30 years in a variety of leadership roles across all three of our operating segments, John understands every dimension of our business – from sales to global strategy,” added Penner.

“Serving as CEO of Walmart has been an incredible honor, and I am grateful to the Board and the Walton family for this opportunity,” McMillon said in a statement. “I have worked with John for more than 20 years…. He is uniquely capable of leading the company through this next AI-driven transformation.”

Along with Walmart, a major competitor goal It is also preparing to get a new leader in early 2026. Target announced last month that Michael Fedelke, its former chief operating officer and chief financial officer, will succeed longtime Target CEO Brian Cornell on February 1.

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