Walmart’s CEO is retiring. He’s leaving a powerful company — and stock — behind

Walmart CEO Doug McMillon is retiring after more than a decade guiding the company’s evolution and watching its stock quadruple.

Walmart (WMT) said Friday that McMillon will retire at the end of January, but will spend another year advising his successor: John Forner, a company veteran. McMillon has overseen 11 years of massive change, as Walmart transformed from a department store known for its low wages into a dominant player in e-commerce with compensation that caught the attention of academics. Even the company’s name has evolved; It referred to itself as Walmart Stores when announcing McMillon as CEO.

Investors have rewarded McMillon for raising wages, modernizing its supply chain, and developing a delivery business popular with wealthy Americans. Its shares have risen more than 300% since McMillon became CEO on February 1, 2014; The S&P 500 rose about 280% during that period. Shares, which recently fell 1%, are up more than 13% so far this year.

McMillon “leaves Walmart stronger, more innovative and more aligned with our purpose of helping people save money and live better,” Chairman Greg Benner said in a statement.

McMillon is scheduled to update investors on the latest developments during a third-quarter earnings conference call next Thursday. The meeting is likely to give investors a chance to hear about the company’s outlook and hear from Forner. He spent the past six years as president and CEO of Walmart’s U.S. operations, leading the merchandising, operations and sourcing teams, Walmart said.

“As we enter a new era of retail fueled by innovation and artificial intelligence, our purpose and our people will continue to guide us,” Forner said in a statement on Friday.

McMillon, who started at Walmart in 1984 as an hourly associate, is stepping back as tough times at Walmart face headwinds, including tariffs on goods from several countries. The company has gained market share, especially among families with six-figure incomes. But low-income households are showing signs of increasing caution about their portfolios in recent quarters as inflation persists and the labor market slows.

The timing of the change “underscores Walmart’s confidence in its strong position and current business momentum,” Bank of America analysts said Friday. “We do not expect to see meaningful changes in the company’s strategy.”