Photo courtesy of Walmart
Walmart Inc. announced that Doug McMillon, its CEO and president since 2014, will retire early next year, and be succeeded by current Walmart U.S. division CEO John Furner.
Furner, 51, was also elected to the company’s board of directors. McMillon, 59, will remain on the board until the next annual shareholders’ meeting in June 2026 and stay on as an advisor to Furner through January 31, 2027.
Under his 11-year term as CEO, Walmart’s shares have increased about four-fold.
Doug McMillon's Tenure as Walmart CEO: Both Praise and Criticism
McMillon faced criticism for Walmart’s $3 billion acquisition of Jet.com and acquisitions of several digital start-ups -- including Bonobos, Eloquii, and ModCloth -- but earned credit for making Walmart a more meaningful online competitor to Amazon, including through its Walmart+ membership program and third-party marketplace. He’s also earned praise for investments in training and wages for store associates and managers, market share gains in grocery, increasing Walmart’s appeal to upper-income households, and managing numerous recent disruptions from the pandemic to supply chain bottlenecks, inflation, and tariffs.
Greg Penner, chairman of Walmart Inc., said, “Our family and Board have stated many times that Doug was uniquely qualified to be CEO at the necessary time for Walmart. Over more than a decade as CEO, Doug led a comprehensive transformation by investing in our associates, advancing our digital and eCommerce capabilities, and modernizing our supply chain, resulting in sustained, robust financial performance. He leaves Walmart stronger, more innovative, and better aligned with our purpose to help people save money and live better.”
John Furner: What Does the Future Hold For Walmart Under His Leadership?
Furner, starting at Walmart as an hourly associate in 1993, has held leadership roles across merchandising, operations and sourcing. He’s been leading Walmart’s U.S., the company’s largest operating segment, since 2019 after previously guiding Sam’s Club. His father was also an executive at the company.
He takes the reins of the nation’s largest private employer next February as retail navigates shifts caused by artificial intelligence and ongoing digital transformation, as well as likely continued anxiety over trade policies and geopolitical threats.
Penner said, “John’s six-year leadership of our Walmart U.S. business during a time of rapid change, marked by digital acceleration and strong associate engagement, has positioned us for continued success.”
McMillon said of Furner, “His curiosity and digital acumen combined with a deep commitment to our people and culture will enable him to take us to the next level. He’s uniquely capable of leading the company through this next AI-driven transformation.”
Furner said, “As we enter a new retail era fueled by innovation and AI, our purpose and our people will continue to guide us. Together, we’ll find new ways to serve customers, support our associates, and strengthen the communities we call home.”