Walmart Inc. announced on Friday, November 14, 2025, that its long-serving CEO, Doug McMillon, will retire effective January 31, 2026, marking the end of his transformative 12-year tenure. This surprise leadership transition will see John Furner, currently leading Walmart’s U.S. operations, step into the CEO role on February 1, 2026. McMillon, 59, will remain with the company for a year in an advisory capacity to ensure a seamless handover.
McMillon's Transformative Legacy at Walmart
Under Doug McMillon's leadership, which began in February 2014, Walmart underwent significant strategic changes. He is credited with leading a comprehensive transformation, notably by investing heavily in the company's associates, enhancing its digital and e-commerce capabilities, and modernizing the supply chain. This strategic pivot resulted in sustained, robust financial performance for the world's largest retailer.
The numbers speak for themselves. Walmart's annual revenue expanded considerably, growing from $485.7 billion when McMillon took the helm to $681 billion in its latest fiscal year. Furthermore, the company's stock price experienced substantial appreciation, climbing from approximately $25 per share in 2014 to over $102 per share as of November 2025. Walmart Chairman Greg Penner lauded McMillon's impact, stating he leaves the company "stronger, more innovative, and better aligned with our purpose to help people save money and live better."
Key Initiatives During McMillon's Tenure
McMillon spearheaded several pivotal initiatives. He prioritized workforce development, implementing programs that increased wages, expanded parental leave, and offered educational and advancement opportunities for employees. A significant focus was also placed on technology and innovation, positioning Walmart as a tech-powered retailer through the adoption of artificial intelligence, robotics, and extensive digital and e-commerce expansion. The modernization of Walmart's vast supply chain was another critical achievement, improving efficiency and the overall customer experience. Beyond business operations, McMillon also guided Walmart in social responsibility, pursuing initiatives to reduce carbon emissions and implementing policy changes, such as ceasing the sale of ammunition for handguns and short-barrel rifles in 2019.
John Furner Steps Into Leadership Role
John Furner, 51, is set to succeed McMillon, bringing over 30 years of retail leadership experience to the CEO position. Furner joined Walmart in 1993 and has since held various leadership roles across all three of Walmart’s operating segments. For the past six years, he has served as the head of Walmart’s U.S. operations, a period marked by a proven track record in driving operational excellence and enhancing customer satisfaction. His deep institutional knowledge and extensive experience within the company are expected to be valuable assets as he takes over the top leadership position.
Immediate Market Reaction and Industry Context
The announcement elicited an immediate reaction in the financial markets. Walmart shares fell 3% in premarket trading following the news of the leadership change, reflecting investor uncertainty surrounding such a significant transition. This comes at a time when the retail sector continues to navigate a landscape of ongoing transformation, characterized by intense competition from e-commerce platforms and rapidly evolving consumer expectations. The market's sensitivity underscores the weight of leadership changes, particularly when they involve a CEO with a highly successful and transformative tenure like Doug McMillon. The industry watches closely as Furner prepares to take the reins amid these dynamic market conditions.