Walmart announced on Friday that CEO Doug McMillon will retire in January after more than a decade leading the retailer.
He will be succeeded by Walmart U.S. CEO John Furner effective Feb. 1. Furner will also join the company’s board of directors on the same date.
McMillon will remain on the company’s board until the next annual shareholders meeting in June to assist in ensuring a smooth leadership transition.
“Serving as Walmart’s CEO has been a great honor and I’m thankful to our Board and the Walton family for the opportunity,” McMillon said in a statement.
“He’s uniquely capable of leading the company through this next AI-driven transformation. He’s a merchant, an operator, an innovator, and a builder. I know that our future is bright with his leadership,” McMillon said.
Furner worked his way from an hourly associate in 1993 to leading Walmart U.S. by 2019. The retailer is the nation’s largest private employer and has more than 4,600 stores.
This is a developing story. Check back for updates.
