Walmart CEO Doug McMillon to retire in January

Walmart CEO Doug McMillon will retire early next year, the company said in a filing Friday.

The longtime CEO will be replaced by Walmart US CEO John Furner on February 1. Both changes will take effect on that date.

“John Furner is the right leader to lead Walmart into our next phase of growth and transformation,” said Walmart President Greg Penner. “After starting out as an hourly employee and having been with us for more than 30 years in a variety of leadership roles across our three operating divisions, John understands every aspect of our business, from the sales floor to global strategy.”

McMillon, 59, has led the retail giant for more than a decade and has overseen 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 and tariff changes.

Walmart’s stock rose nearly 300% during his time with the company. The company’s shares fell more than 2% in premarket trading Friday.

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