Walmart CEO Doug McMillon to Retire in January 2026; John Furner to Succeed
Doug McMillon will retire as CEO of Walmart in January 2026 after leading the company since 2014. He will remain on the board and serve as an adviser through mid-2026 or early 2027. John Furner, currently Walmart's U.S. chief who has led the business since 2019, will succeed McMillon as global CEO after 31 January 2026.
Under McMillon's leadership, Walmart expanded its e-commerce capabilities, modernized its digital operations and supply chain, and trimmed riskier international units. He oversaw the 2020 £6.8 billion sale of Asda and built an advertising business. The company posted solid growth despite tariff pressures and slower consumer spending, with U.S. quarterly sales up nearly 5%. Walmart generated roughly $680-681 billion in revenue last year across more than 10,000 stores in 19 countries, and employs about 2.1 million workers globally, including approximately 1.6 million in the U.S. The market value stands near $800 billion.
Furner has spent about three decades at Walmart, rising from an hourly associate to leadership roles in merchandising, operations, and sourcing. He also served as president and CEO of Sam's Club. He is viewed as capable of leading the company through an AI-driven transformation.
Walmart shares fell about 3% in premarket trading following the announcement. Board chair Greg Penner praised McMillon as uniquely qualified to lead the company during challenging times and credited him with leaving Walmart stronger and more innovative. This leadership change comes amid a broader wave of shifts in retail leadership due to economic uncertainty and choppy consumer spending, similar to Target's recent CEO appointment of insider Michael Fiddelke.
The company's recent ownership decisions include the sale of Bonobos in 2023 at a loss after six years, highlighting mixed outcomes in McMillon's tenure.
