Walmart’s longtime chief executive, Doug McMillon, will step down on Jan. 31, the company said on Friday. John Furner, who has been president and chief executive officer of Walmart’s U.S. division, will become the retailer’s new chief executive.
Mr. McMillon will retire from his position in early 2026 but will remain on the board through the next annual shareholder’s meeting.
Like Mr. McMillon, Mr. Furner has worked at Walmart his entire career. He is an Arkansas native whose father also worked at the retailer.
“John understands every dimension of our business — from the sales floor to global strategy,” Greg Penner, chairman of Walmart, said in a statement.
When Mr. Furner takes the reins in February, he will oversee one of the largest workforces in the United States and be responsible for navigating the retailer into the age of artificial intelligence. He will also face tariffs that are pressuring retailer’s global supply chains and a customer base that is facing a nationwide affordability crisis.
Walmart’s stock dropped nearly 3 percent in premarket trading on Friday.
This is a developing story. Check back for updates.
Jordyn Holman is a Times business reporter covering management and writing the Corner Office column.
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