NEW YORK — Walmart CEO Doug McMillon, who turned the nation’s largest retailer right into a tech-powered big since taking on in 2014, will retire in January in a shock transfer.
John Furner, 51, a longtime insider and head of Walmart’s U.S. operations, will take over, the corporate stated Friday. Shares fell 3% instantly in premarket buying and selling after the information, which was sudden. McMillon is 59 years outdated.
McMillon’s retirement is efficient Jan. 31, 2026. Furner will begin as CEO the subsequent day.
Throughout McMillon’s tenure as CEO, he invested closely in its employees by rising wages, increasing parental go away and launching a program for certificates or levels for workers searching for training alternatives. Walmart has additionally lowered its costs and embraced know-how like synthetic intelligence to enhance buyer and employee experiences.
“Over greater than a decade as CEO, Doug led a complete transformation by investing in our associates, advancing our digital and e-commerce capabilities, and modernizing our provide chain, leading to sustained, sturdy monetary efficiency,” stated Walmart Chairman Doug Penner, who’s the son-in-law of the Walmart’s late founder Sam Walton. “He leaves Walmart stronger, extra revolutionary, and higher aligned with our function to assist individuals get monetary savings and reside higher.”
Penner stated that Furner, who began with the corporate in 1993, has greater than 30 years in quite a lot of management roles throughout all three of Walmart’s working segments, together with six years as the pinnacle of Walmart’s U.S. enterprise.
Since McMillon grew to become CEO in February 2014, annual income has grown from $485.7 billion to $681 billion in its newest fiscal yr. Its inventory was hovering round $25; now it’s over $102 per share.
