Walmart Board Names Successor As Long-Time CEO McMillon Steps Down

Walmart shares moved lower in premarket trading after news that CEO Doug McMillon will retire on January 31, 2026.

Still, he will remain on the Board until the next shareholder meeting and continue advising through 2027. 

McMillon will be replaced by John Furner, 51, currently head of Walmart U.S., who has been with the company for more than 30 years, rising from an hourly associate to senior leadership roles across merchandising, operations, sourcing, Sam’s Club, and international divisions.

John Furner will become Walmart’s CEO on February 1, 2026, succeeding Doug McMillon who will retire January 31, 2026 but stay on the Board through June and as an advisor through January 31, 2027. https://t.co/JFoMW47gzF pic.twitter.com/6MY2yfWmNj

— Walmart News (@WalmartNews) November 14, 2025

McMillon joined Walmart in 1984 as a teenager unloading trucks in a distribution center during the summer. He returned to Walmart in 1990 and rose through the ranks:

• 1990s to 2000s: Merchandising and leadership roles in Walmart U.S.

• 2006 to 2009: President & CEO, Sam’s Club

• 2009 to 2013: President & CEO, Walmart International

• CEO of Walmart (2014–1Q26)

McMillon became Walmart’s fifth CEO in 2014, and its youngest ever at 46. His leadership marked a major turning point for the retail giant, unleashing a full-scale digital overhaul, modernizing the supply chain, and repositioning Walmart for a long-term fight in the e-commerce space against Amazon.

Walmart now retiring CEO Doug McMillon on his reinvention playbook:

(V/@YahooFinance archive) pic.twitter.com/MBfTrKDvxX

— Brian Sozzi (@BrianSozzi) November 14, 2025

McMillon wrote in a statement, “Serving as Walmart’s CEO has been a great honor and I’m thankful to our Board and the Walton family for the opportunity. 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! I’ve worked with John for more than 20 years. His love for our associates and this company runs deep. His curiosity and digital acumen combined with a deep commitment to our people and culture will enable him to take us to the next level. He’s uniquely capable of leading the company through this next AI-driven transformation. He’s a merchant, an operator, an innovator, and a builder. I know that our future is bright with his leadership.”

Greg Penner, Chairman of Walmart, stated, “John Furner is the right leader to guide Walmart into our next chapter of growth and transformation.” 

Will Walmart get to a trillion-dollar market capitalization before McMillon’s exit?