Walmart CEO Doug McMillon is retiring

Walmart announced Friday that CEO Doug McMillon will retire early next year after more than a decade leading the retail giant, and that he would be succeeded by Walmart's top U.S. executive.

John Furner, who has been CEO of Walmart U.S. since 2019, will become CEO of the overall company on Feb. 1, Walmart said. McMillon, who has been Walmart's CEO since 2014, will remain on the company's board until its next annual shareholders' meeting, Walmart said.

“John Furner is the right leader to guide Walmart into our next chapter of growth and transformation,” Greg Penner, Walmart's board chair, said in a statement. “After starting as an hourly associate and being with us for over 30 years in a variety of leadership roles across all three of our operating segments, John understands every dimension of our business – from the sales floor to global strategy. He has proven that he can deliver results while living our values. 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.

“On behalf of the Board, I want to thank Doug McMillon for his extraordinary leadership and incredible impact he has had on our company,” Penner added.

“Serving as Walmart’s CEO has been a great honor and I’m thankful to our Board and the Walton family for the opportunity,” McMillon said in a statement. “I’m incredibly proud of what our associates accomplished and deeply grateful for their commitment to our customers, to each other and to the communities we serve.”

Walmart stock was down about 3% in premarket trading on Friday. The shares are up about 14% so far this year. The company reports earnings next week.