Walmart CEO Doug McMillon to Retire; Successor Named

Walmart CEO Doug McMillon is retiring early next year, the company announced Friday. The longtime CEO will be succeeded by John Furner, the Walmart U.S. CEO, on Feb. 1, according to the filing. McMillon, who stepped into the top role at Walmart in February 2014, will officially retire as of Jan. 31. He will continue to serve as an executive officer of the company and be employed by Walmart as an advisor through Jan. 31, 2027. Furner, 51, has been the CEO of Walmart’s U.S. business since 2019. In that role, he oversees more than 4,600 stores and the largest sector of the company. He started at the company in 1993 as an hourly associate.

Total Retail's Take: McMillon has been at the helm for the largest U.S. retailer's transformation from a traditional brick-and-mortar business into an omnichannel leader. The growth of Walmart's e-commerce business, which has increased by more than 10-fold (i.e., a growth rate of over 1000 percent) in the last 11 years, is a large reason why the company's shares have risen more than 300 percent during McMillon's tenure as CEO.

Furthermore, McMillon is credited with launching the retailer's media network, Walmart Connect, as well as its membership program, Walmart+, and its third-party marketplace. All of these efforts, in many respects, have enabled Walmart to better compete in an increasingly digital-first commerce environment, and in the process gain market share from its largest competitors, including Amazon.com and Target.

As for Furner, he follows a similar path to the corner office as McMillon. Both have spent about three decades at Walmart. They both began as hourly associates and moved up the ranks, serving in merchandising and operations roles. Both also served as chief executives of its warehouse club, Sam’s Club. Furner is a Walmart insider that knows the business and its culture, including why it has been successful when others have faltered in adjusting to the needs of today's omnichannel consumers. He will be expected to maintain and build upon the momentum that McMillion has created.

According to McMillon, Furner's “curiosity and digital acumen combined with a deep commitment to our people and culture will enable him to take us to the next level.”