Walmart announced that its CEO Doug McMillon will retire early next year, to be replaced by John Furner, the company's current U.S. CEO, who will take over as head of the retailer on Feb 1st.
McMillon, who is now 59, stepped into the role of CEO in February 2014 and helped pioneer the company's digital revolution to eventually become Amazon's top online competitor in the U.S. During his tenure, Walmart's shares have risen more than 300% despite the Covid pandemic, supply chain disruptions, high inflation, and tariff changes.
Furner, who is now 51, has been the CEO of Walmart's U.S. business since 2019, during which he's overseen the company's more than 4,600 stores in the U.S., which is its largest market.
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Both McMillon and Furner started at Walmart as hourly associates and then spent the next three decades with the company! Both executives at one time served in merchandising and operations roles, as well as CEOs of Sam's Club. It's fascinating how Walmart shaped these young men into leaders over the course of their careers, as opposed to making outside hires.
Walmart chairman Greg Penner described Furner as:
“the right leader to guide Walmart into the next chapter of our growth and transformation. 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.”
Since its launch in 1962, Walmart has only had five CEOS:
- Sam Walton (1962–1988) — who founded the company
- David Glass (1988–2000)
- H. Lee Scott (2000–2009)
- Mike Duke (2009–2014)
- Doug McMillon (2014–2026)
McMillon will continue to serve as an executive officer of the company and be employed by Walmart as an advisor through Jan. 31, 2027.
In other CEO news this week… Apple CEO Tim Cook could step down from the top role as early as next year, according to the Financial Times. The company's board has already started to work out a succession plan, with John Ternus, Apple's senior VP of hardware engineering, being considered as the frontrunner for the position.