Walmart CEO to step down in January

NEW YORK (Gray News/AP) — Walmart CEO Doug McMillon, who turned the nation’s largest retailer into a tech-powered giant since taking over in 2014, will retire in January.

John Furner, a long time insider and head of Walmart’s U.S. operations, will take over, the company said Friday.

“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," Greg Penner, Chairman of Walmart Inc., said in a statement.

According to a press release issued by Walmart, Furner began his Walmart career in 1993 as an hourly associate and has held leadership roles across merchandising, operations and sourcing.

He has lived and worked in multiple countries and served as President and CEO of Sam’s Club U.S., Walmart said.

McMillon’s retirement is effective Jan. 31, 2026. Furner will start as CEO the next day. McMillon, however, will stay on the Board until June, in addition to staying on as an advisor to Furner through fiscal year 2027, according to Walmart.

During McMillon’s tenure as CEO, he invested heavily in its workers by increasing wages, expanding parental leave and launching a program for certificates or degrees for employees seeking education opportunities. Walmart has also lowered its prices and embraced technology like artificial intelligence to improve customer and worker experiences.

“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. Thank you, everyone!”