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Walmart CEO Doug McMillon will retire in January, with longtime insider and head of U.S. operations John Furner pegged as his replacement, the company announced in a press release shared on Friday (November 14).
McMillon's retirement will be effective January 31, 2026, at which point Furner will take over as CEO the following day. McMillon was named Walmart's CEO in 2014 and focused on turning the nation's largest retailer into a tech-powered giant, as well as increasing worker wages, offering more time for parental lead and launching new programs to provide education opportunities for employees.
Walmart has seen annual revenue increase from $485.7 billion in 2014 to $681 billion in its latest fiscal year, while its stock increased from around $25 per share in 2014 to its current price of $102 per share.
“Over more than a decade as CEO, Doug led a comprehensive transformation by investing in our associates, advancing our digital and e-commerce capabilities, and modernizing our supply chain, resulting in sustained, robust financial performance," said Walmart Chairman Doug Penner, the son-in-law of the Walmart's late founder Sam Walton. "He leaves Walmart stronger, more innovative, and better aligned with our purpose to help people save money and live better.”
Furner, who joined Walmart in 1993, has more than 30 years of leadership experience in various roles, which includes six years leading Walmart's U.S. business, according to the press release.