Leadership Shift at Walmart: John Furner to Succeed Doug McMillon as CEO

Walmart announces that CEO Doug McMillon will retire next year, with insider John Furner set to succeed him. The announcement comes amid leadership changes across the retail sector. Furner, currently CEO of Walmart U.S., has a long history with the company. McMillon will remain an associate through 2027.

Walmart announced on Friday that CEO Doug McMillon is set to retire next year, paving the way for insider John Furner to take over as the retail giant's leading figure.

The company's shares dropped approximately 3% in premarket trading following the news. This transition is the latest in a series of leadership changes sweeping the retail industry, as companies grapple with tariff pressures, an unpredictable economy, and fluctuating consumer spending. Earlier this year, Target also promoted insider Michael Fiddelke to CEO, highlighting the broader trend of in-house leadership shifts.

Furner, currently Walmart U.S. CEO, boasts nearly three decades of experience at Walmart, having held various roles in merchandising, operations, and sourcing. He previously led Sam's Club as president and CEO. McMillon has been at the helm since 2014 and will retire in January, although he will remain associated with Walmart until January 31, 2027. The company is set to release its quarterly results next week.

(With inputs from agencies.)