Walmart CEO Doug McMillon will retire in January 2026 after 12 years in the role, with John Furner set to succeed him as the company navigates new challenges and opportunities.
Walmart CEO Doug McMillon is set to retire on January 1, 2026, after leading the retail giant for 12 years. His successor will be John Furner, currently the CEO of Walmart U.S., who will officially take over on February 1, 2026.
This leadership transition comes as Walmart prepares to report its quarterly earnings in the coming months. McMillon has been at the helm since 2014, during which time he has guided the company through significant transformations, including its rise as a formidable e-commerce player.
Under McMillon’s leadership, Walmart has faced numerous challenges, including the COVID-19 pandemic, supply chain disruptions, rising inflation, and changes in tariffs. Despite these hurdles, the company has seen its stock price increase by more than 300% during his tenure, closing at $102.48 on the last trading day before the announcement.
Following his retirement, McMillon will continue to serve as an executive officer and advisor to Walmart until January 31, 2027. Furner, who has been with Walmart since 1993, has extensive experience in various leadership roles across the company, overseeing over 4,600 stores in his current position.
Walmart chairman Greg Penner expressed confidence in Furner’s ability to lead the company into its next phase of growth and transformation. “John understands every dimension of our business – from the sales floor to global strategy,” Penner stated. He emphasized Furner’s deep commitment to Walmart’s people and culture as key attributes for his new role.
In a statement regarding his retirement, McMillon reflected on his time at Walmart, saying, “Serving as Walmart’s CEO has been a great honor, and I’m thankful to our Board and the Walton family for the opportunity.” He also highlighted Furner’s “curiosity and digital acumen,” suggesting that these qualities will enable him to elevate the company further.
During his time as CEO, McMillon played a pivotal role in Walmart’s evolution into an e-commerce powerhouse. He was instrumental in the acquisition of Jet.com in 2016 for $3.3 billion, a move that sparked debate over its necessity and cost. However, this acquisition brought valuable digital expertise to Walmart, particularly through Jet.com founder Marc Lore, who had previously worked at Amazon.
In addition to focusing on e-commerce, McMillon also made significant changes to Walmart’s pay structure. In 2015, he announced a wage increase for half a million hourly employees, raising their minimum pay to $9 an hour. While this decision was met with criticism from Wall Street, Walmart has continued to raise wages in recent years, although it still faces scrutiny over its compensation practices for hourly workers.
As the retail landscape continues to evolve, McMillon has acknowledged the impact of artificial intelligence (AI) on the industry. He noted that AI will “literally change every job,” presenting new challenges for his successor. McMillon believes that Furner is “uniquely capable of leading the company through this next AI-driven transformation.”
Walmart is not the only major retailer undergoing leadership changes. Target’s current CEO, Brian Cornell, has announced plans to step down in early 2026 after a decade in the role. Michael Fiddelke, the company’s chief operating officer, will take over as CEO on February 1, 2026, while Cornell will remain with Target as executive chair of the board of directors.
As Walmart prepares for this significant transition, all eyes will be on Furner as he takes the reins and steers the company into its next chapter.
Source: Original article