Walmart (WMT) CEO Doug McMillon is stepping down as the company’s chief executive, announcing that he will retire January 31, 2026.
McMillon has led Walmart to incredible success over the past 12 years, quadrupling the company’s market cap during his tenure and driving shares up 400% over the last 10 years, double the performance of the S&P 500.
The company has tapped John Furner to succeed McMillon as the company’s new chief executive effective February 1, 2026. Furner, who started as an hourly associate at Walmart (WMT) over 30 years ago, has been president and CEO of Walmart U.S. since 2019, overseeing the company’s largest operating segment and more than 4,600 stores.
McMillon will remain on the Walmart (WMT) board until June and remain as an advisor to Furner through FY27.
Furner’s successor as CEO of Walmart U.S. will be made at a later date.
Walmart (WMT) shares are down more than 3% on the announcement.