Walmart CEO Doug McMillion will retire Jan. 31 after running the company for almost 12 years, the company announced Friday.
The company’s board of directors chose Walmart U.S. CEO John Furner as the next CEO and president, though McMillion will continue to serve at the executive level for the retail giant as an advisor up until early 2027, according to a press release. Since the 59-year-old McMillion assumed the position in 2014, he has led initiatives to boost Walmart’s e-commerce sales, CNBC reported.
Walmart shares have increased close to 300% under McMillon’s leadership. Walmart stock dropped more than 2% during premarket trading hours Friday. McMillion and Furner both started their careers at Walmart as hourly associates and worked their way to the top. The two also served as chief executives for Sam’s Club, Walmart’s warehouse club. (RELATED: Walmart Announces Tariff-Driven Price Hike After Announcing Billions In Profit)
NEW YORK, NEW YORK – FEBRUARY 23: The Walmart company logo is displayed on a screen at the New York Stock Exchange during morning trading on February 23, 2024 in New York City. (Photo by Michael M. Santiago/Getty Images)
The move comes a year after the company confirmed it pulled back on diversity, equity and inclusion (DEI) initiatives in November 2024. Walmart had previously taken LGBT-themed products off its website, according to company spokesman Molly Blakeman. Conservative activist Robby Starbuck claimed the company’s DEI pullback followed “productive conversations” between him and company executives.
John Furner will become Walmart’s CEO on February 1, 2026, succeeding Doug McMillon who will retire January 31, 2026 but stay on the Board through June and as an advisor through January 31, 2027. https://t.co/JFoMW47gzF pic.twitter.com/6MY2yfWmNj
— Walmart News (@WalmartNews) November 14, 2025
“John Furner is the right leader to guide Walmart into the next chapter of our growth and transformation,” Walmart Chairman Greg Penner said. “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.”
McMillion also endorsed his successor. “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 said. “I’ve worked with John for more than 20 years … He’s uniquely capable of leading the company through this next AI-driven transformation.”
In the last quarter Walmart saw its largest gain in high income earning shoppers in 10 years.
Everyone is becoming too impoverished to shop elsewhere. pic.twitter.com/FXWQesru8n
— Brian Jacobson (@BrianHJacobson) May 17, 2025
Walmart is the world’s largest employer, with an estimated 2,100,000 employees, with Amazon being second at around 1,546,000, according to companiesmarketcap.com.