Walmart leadership change: CEO Doug McMillon to step down next year — Who will succeed him?

Walmart is set to undergo a major leadership change, as the chief executive, Doug McMillon, will retire next year, after spending a little over 10 years at the position. The company has named John Furner, currently CEO and president of Walmart’s US operations, as his successor. Furner will assume the top job on February 1, 2026. Both men have spent decades rising through Walmart’s ranks in various senior positions. The announcement comes as the retail sector grapples with a difficult economic landscape, with tariffs and subdued consumer sentiment hurting margins across the industry. Even so, Walmart has maintained a strong position under McMillon, using its scale in supply chains and grocery to keep prices low, according to CNN. These strengths have helped the company draw customers across income brackets, including households earning more than $100,000 a year, the group it recently identified as its fastest-growing segment. McMillon’s time as CEO coincided with Walmart’s transformation into a far more competitive ecommerce player. He led the retailer’s growth online, expanded Walmart+, and helped position the company as a credible alternative to Amazon. He also served a two-year term as chairman of the Business Roundtable, representing nearly 200 major US companies in Washington. His leadership saw Walmart introduce major policy changes as well. In 2019, the company halted sales of handgun ammunition and ammunition used in military-style assault weapons, while also requesting that customers stop openly carrying firearms in its stores. The shift followed a mass shooting at a Walmart outlet in El Paso, Texas, in which 22 people were killed. McMillon publicly criticised the 6 January attack on the US Capitol and regularly opposed President Donald Trump’s tariffs.However, some initiatives during his tenure fell short of expectations. Walmart’s $3 billion acquisition of Jet.com did not deliver the growth the company sought and was eventually shut down and absorbed into Walmart.com. Efforts to push into upscale fashion, including Bonobos, also struggled to gain traction.McMillon’s time at Walmart McMillon’s career at Walmart began as a store associate, leading to positions at Sam’s Club and Walmart’s international business before his promotion to CEO in 2014. Since then, Walmart’s share price has increased by 300%. “Our family and Board have stated many times that Doug was uniquely qualified to be CEO at the necessary time for Walmart,” said Greg Penner, chairman of Walmart Inc., in a press release. “Doug led a comprehensive transformation by investing in our associates, advancing our digital and eCommerce capabilities, and modernizing our supply chain, resulting in sustained, robust financial performance,” CNN cited the release. Furner, who has overseen Walmart US’ 4,600 stores since 2019, also began at the company as an hourly associate in 1993. His background includes roles at Sam’s Club and Walmart China, and the company credited his contributions in “associate development, digital innovation, and operational excellence.” According to Walmart, McMillon will remain on the board until June next year and will continue advising Furner through the 2027 fiscal year. The retailer also said it will announce a new leader for its US operations soon.