Walmart CEO Doug McMillon is retiring from his position after more than 10 years running the massive retailer, the company said Friday.
John Furner, 51 – a longtime employee who rose through the ranks after starting as a store associate in 1993 – will succeed him as president and chief executive on Feb. 1, 2026, Walmart said in a statement.
McMillon, 59, similarly started his career at Walmart – the world’s largest private employer – in 1984.
Under his lead as CEO, the company invested in store associates, focused on its e-commerce business and strengthened its supply chain.
Shares in Walmart fell 2.8% premarket.
Walmart declined to comment on McMillon’s reason for retiring. He will be speaking on the company’s investor call next Thursday.
“Our family and Board have stated many times that Doug was uniquely qualified to be CEO at the necessary time for Walmart,” Greg Penner, chairman of Walmart, said in a statement.
“He leaves Walmart stronger, more innovative, and better aligned with our purpose to help people save money and live better.”
McMillon will remain on Walmart’s board until the next annual shareholder meeting in June and stay on as an advisor to Furner through the end of fiscal year 2027.
Furner has been at Walmart for over 30 years, starting as an hourly associate for the retail chain.
He has worked for the company in multiple countries, also serving as chief executive of Sam’s Club US.
His father was also an executive at the company.
For the past six years, Furner has run Walmart’s US business, overseeing more than 4,600 stores and the company’s largest operating segment.
The company said it plans to announce Furner’s successor as CEO of Walmart US before the end of fiscal year 2026.
Furner has been elected to the board of directors effective immediately.
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