Walmart CEO Doug McMillon announces surprise retirement at age 59

Doug McMillon — the executive who modernized Walmart into a technology-driven retail powerhouse and delivered years of strong sales growth — will retire early next year, the company announced Friday.

John Furner, 51, currently the head of Walmart U.S., will take over as CEO on Feb. 1. McMillon will remain for a year as an adviser to ensure a smooth transition. Investors reacted quickly to the unexpected announcement, with shares initially falling 3% before recovering slightly.

While not as publicly visible as Jeff Bezos or Elon Musk, McMillon has been one of the most influential figures in retail. Walmart’s performance, with over 150 million weekly customers, is often seen as a key indicator of American consumer health. The company says 90% of U.S. households shop at Walmart.

With 1.6 million workers in the United States and 2.1 million globally, Walmart is the largest private employer in the country.

A decade of transformation

McMillon joined Walmart as an hourly associate in 1984. When he became CEO in 2014, he pursued major investments in employees, raising wages, expanding parental leave, and launching a landmark program enabling workers to earn college degrees at low cost.

His leadership also reshaped Walmart through:

• heavy investments in AI, automation and modern supply chains

• a renewed focus on low prices

• sustainability initiatives and carbon reduction commitments

• improved employee engagement and retention

Under him, Walmart’s annual revenue rose 40%, and the stock price quadrupled.

Board Chairman Greg Penner praised McMillon for leaving Walmart “stronger, more innovative, and more aligned with its mission to help people save money and live better.”

John Furner: Walmart’s next leader

Furner began his Walmart career as an hourly employee in 1993 and rose through international postings and leadership roles at Sam’s Club before becoming president and CEO of Walmart U.S.

Analysts say he brings strong operational experience but acknowledge that following McMillon’s legacy “won’t be easy.”

A tenure defined by major milestones

During his time as CEO, McMillon:

• ended sales of certain ammunition and discouraged open carry in stores

• oversaw major e-commerce expansion, including the creation of Walmart+

• helped Walmart navigate the pandemic and subsequent inflation

• negotiated with the Trump administration regarding tariffs

• maintained Walmart’s competitive pricing, even with rising import costs

He took over stores that were understaffed and underperforming — and leaves behind a revitalized company.