Walmart CEO Doug McMillon to Retire After Transformative 12-Year Tenure
Walmart announced on Friday that CEO Doug McMillon is set to retire on January 31, 2026, after a nearly 12-year tenure at the helm of the retail behemoth. The 59-year-old McMillon will be succeeded by John Furner, the current president and CEO of Walmart U.S., who will assume the role on February 1, 2026.
Under McMillon’s transformative leadership, Walmart’s stock has surged by more than 300%, morphing the company from a traditional brick-and-mortar retailer into a formidable hybrid competitor rivalling Amazon. The company’s market cap witnessed a meteoric rise from around $250 billion when McMillon took over to an impressive $800 billion today.
McMillon’s tenure was marked by major tech investments in areas such as:
- E-commerce
- Artificial Intelligence
Simultaneously, he also increased wages for Walmart’s 2.1 million workers from $9 in 2015 to $14 as of 2024.
Furner, 51, embarked on his career at Walmart in 1993 as an hourly associate and has since climbed the corporate ladder through various roles, including CEO of Sam’s Club, before leading Walmart U.S. operations since 2019. This leadership transition announcement comes just days before Walmart is due to report its quarterly earnings.
Source: CNBC