Reuters reported on 15/11 that Walmart's CEO will resign, concluding Doug McMillon's more than a decade of leadership at the US retail giant. John Furner, 51, currently CEO of Walmart US, will succeed McMillon, 59, on 31/1/2026.

A Walmart store in Oceanside, California, US, on 15/5. Photo: Reuters

Chuck Grom, an analyst at Gordon Haskett, noted that the announcement of a new CEO might concern shareholders, as McMillon has been Walmart's most successful CEO since its founder, Sam Walton. Walmart, however, confirmed that the change in top leadership was a planned succession.

McMillon began his career at Walmart in 1984 as an hourly associate. He held leadership roles across all three of Walmart's divisions: US market, international, and Sam's Club, a retail chain for members. He advanced through the ranks, becoming CEO of Walmart in early 2014, as the retailer sought to compete with Amazon amidst booming e-commerce demand.

Under McMillon's leadership, Walmart leveraged its extensive store network to accelerate delivery speeds, integrate automation technology in warehouses, and expand its e-commerce and advertising businesses to boost revenue. Since he took office, Walmart's market value has more than tripled, reaching USD 817 billion. Global e-commerce sales grew rapidly, from USD 10 billion in 2014 to over USD 120 billion in the past fiscal year.

McMillon will continue to serve as an advisor at Walmart until 31/1/2027. The US retailer's stock has risen 323% since he took over, outperforming the S&P 500, a stock market index based on the 500 largest US companies by market capitalization.

Growth of Walmart stock price and S&P 500 index during McMillon's tenure as CEO. Source: Reuters, LESG

Analysts view John Furner as a suitable successor, aligning with the company's culture and sharing a similar career trajectory to Doug. Furner joined Walmart in 1993, also starting as an hourly associate, before leading Sam's Club and Walmart US. He assumes the top leadership role as Walmart increasingly adopts artificial intelligence (AI) tools, which are transforming how retailers operate and interact with customers. McMillon praised his successor's "exceptional ability to lead the company through the next phase of transformation driven by AI."

Walmart, founded in 1962, has a history of long-serving CEOs. Furner will be the company's sixth-generation CEO. Across the retail sector, US businesses face pressures from tariffs, economic instability, and fluctuating consumer spending. This year, several companies, including Kohl's, Kroger, and Target, have appointed new CEOs.