2025 may go down as the end of an era in retail.
This was the year that the longtime CEOs at two of the largest chains decided to hand the reins over to their corporate proteges.
The retirements of Walmart’s Doug McMillon and Target’s Brian Cornell come as the industry is facing an array of new (and long-term) challenges in the form of a global trade rebalancing, accelerated adoption of AI, and increasingly stretched US household budgets.
Fresh legs might be a welcome addition in this race.
Dozens of smaller retailers have taken the opportunity to shake up the C-suite as well.
Analysis from leadership consultancy Challenger, Gray & Christmas found that 43 retail companies announced CEO exits in the first 10 months of this year, up from 32 in the same period last year. A few more announcements have come through since.
Here are some of the major retail chains that are getting a new CEO in the new year.
Walmart — John Furner
Walmart said in November that the company’s US division CEO, John Furner, would become president and CEO on February 1.
Like outgoing CEO Doug McMillon, Furner has been with Walmart for decades, starting as an hourly associate and working his way up through the ranks.
Target — Michael Fiddelke
Target said in August that chief operating officer Michael Fiddelke would succeed Brian Cornell on February 1, with Cornell remaining on the board as Executive Chair.
Fiddelke has been with the company for 20 years, starting as a finance intern and moving through roles in merchandising, finance, operations, and human resources.
Camping World — Matthew Wagner
RV dealer Camping World said in December that founder Marcus Lemonis would step down as CEO on January 1, with company president Matthew Wagner taking over.
Wagner has been with Camping World since 2007, serving in numerous leadership roles before being appointed chief operating officer in 2023 and president in 2024.
Kraft Heinz — Steve Cahillane
Kraft Heinz said in December that it has snagged Kellanova CEO Steve Cahillane to take over from Carlos Abrams-Rivera on January 1.
The company will later split into two publicly traded companies, North American Grocery Co. and Global Taste Elevation Co., with Cahillane remaining in charge of the latter.
Cahillane has a long career leading consumer products companies like The Nature’s Bounty Co. and Coca-Cola’s Americas division. He also spent eight years with AB InBev.
Kohl’s — Michael Bender
In fairness, Michael Bender’s transition effectively happened back in May, but Kohl’s made it official in late November when the retailer said Bender would go from interim CEO to a permanent appointment.
That means Kohl’s will start the new year with one less distraction under the leadership of a highly experienced retail executive who has already had a positive impact on the company.
Lululemon — Meghan Frank and André Maestrini (for now)
Athleisure brand Lululemon said in December that it was parting ways with CEO Calvin McDonald on January 31, but hasn’t yet identified a permanent successor.
In the meantime, the company said board chair Marti Morfitt would expand her role to become executive chair, and that CFO Meghan Frank, chief commercial officer André Maestrini would serve as interim co-CEOs following McDonald’s departure.
7-Eleven — Stan Reynolds and Doug Rosencrans
Parent company Seven & i Holdings said in December that CEO Joe DePinto would retire at the end of the year. The company’s current president, Stan Reynolds, and chief operating officer, Doug Rosencrans, are set to serve as co-CEOs until a permanent successor is hired.
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