TLDR
- Walmart CEO Doug McMillon is retiring effective January 31, 2026, after more than a decade leading the company.
- John Furner, current CEO of Walmart U.S. since 2019, will take over as CEO on February 1, 2026.
- Walmart stock dropped 2.9% to 3% in premarket trading following the retirement announcement on Friday.
- Under McMillon’s leadership since 2014, Walmart stock gained over 310%, outperforming the S&P 500’s 262% gain during the same period.
- McMillon transformed Walmart from a retail laggard into a tech-powered leader in both physical retail and e-commerce.
Walmart shares fell in premarket trading Friday after the retail giant announced CEO Doug McMillon will retire in January. The stock dropped between 2.9% and 3% following the news.
McMillon will officially retire on January 31, 2026. He will remain on Walmart’s board of directors until the company’s next annual shareholder meeting to help with the transition.
John Furner will succeed McMillon as CEO on February 1, 2026. Furner currently serves as CEO of Walmart U.S., the company’s largest division.
The 51-year-old Furner joined Walmart in 1993. He has held leadership positions across merchandising, operations, and sourcing throughout his career.
Furner has led Walmart U.S. since 2019. He oversees more than 4,600 stores in that role.
Greg Penner, chairman of Walmart’s board, praised Furner’s performance. “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,” Penner said in a statement.
The stock decline doesn’t reflect concerns about Furner. Wall Street generally views him as a capable leader.
McMillon’s Decade of Transformation
Instead, the drop shows investor disappointment at losing McMillon. The 59-year-old CEO orchestrated a major transformation during his tenure.
McMillon took over as CEO in February 2014. At that time, Walmart was considered an industry laggard.
He turned the company into a leader in both physical retail and e-commerce. The transformation included heavy investments in technology and artificial intelligence.
McMillon also focused on employee benefits during his time as CEO. He increased wages for workers and expanded parental leave programs.
The company launched education programs offering certificates or degrees for employees. Walmart maintained its focus on low prices while improving customer and worker experiences through technology.
Financial Performance Under McMillon
The numbers tell the story of McMillon’s success. Walmart stock has gained over 310% since he became CEO in February 2014.
That performance beat the S&P 500’s 262% gain during the same period. Annual revenue grew from $485.7 billion in 2014 to $681 billion in the latest fiscal year.
The stock price tells a similar story. Shares were trading around $25 when McMillon took over.
Now the stock trades above $102 per share. Penner acknowledged McMillon’s impact in a statement.
“Over more than a decade as CEO, Doug led a comprehensive transformation by investing in our associates, advancing our digital and e-commerce capabilities, and modernizing our supply chain, resulting in sustained, robust financial performance,” said Penner, who is the son-in-law of Walmart’s late founder Sam Walton. “He leaves Walmart stronger, more innovative, and better aligned with our purpose to help people save money and live better.”
Furner brings more than 30 years of experience across all three of Walmart’s operating segments. The retirement announcement came as a surprise to the market.
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