Walmart CEO Doug McMillon to Retire After a 40-Year Career at the Retail Giant

<img decoding="async" class="lazyload size-full-width wp-image-1597008" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" data-src="https://observer.com/wp-content/uploads/sites/2/2025/11/GettyImages-1921425332.jpg?quality=80&w=970" alt="Man in black sweater and glasses stands onstage" width="970" height="640" data-caption='Doug McMillon has worked at Walmart since 1984. <span class=”lazyload media-credit”>Photo by Ethan Miller/Getty Images</span>’>

Doug McMillon, who has led Walmart for more than a decade and steered its transformation into an e-commerce powerhouse, will step down as CEO in early 2026. He will be succeeded by John Furner, continuing the retailer’s tradition of long-serving leaders and internal promotions.

Walmart shares fell by more than 1 percent today (Nov. 14) in reaction to the news. McMillon, 59, will conclude a 40-year career at the company, having taken the top job in 2014 after leading Walmart International and Sam’s Club. To ensure a smooth transition, he will stay on as an advisor until 2027.

Furner, 51, will assume the role in February. Like McMillon, he’s spent decades at Walmart, starting as an hourly associate in the 1990s before becoming CEO of Sam’s Club. He is currently CEO of Walmart U.S., overseeing the company’s 4,600 stores across America.

Furner will inherit a high bar. Under McMillon, Walmart’s share price rose more than 300 percent. McMillon “was uniquely qualified to be CEO at the necessary time for Walmart,” said Greg Penner, the company’s chairman, in a statement. “Doug led a comprehensive transition by investing in our associates, advancing our digital and e-commerce capabilities, and modernizing our supply chain, resulting in sustained, robust financial performance.”

Facing the rise of Amazon, McMillon made a decisive push into the online retail sector. Walmart ramped up its tech investments and acquired Jet.com for $3 billion in 2016. The deal helped accelerate its e-commerce ambitions, although Jet.com was wound down in 2020.

McMillon also made a major bet on Walmart’s workforce. A decade ago, he launched a $2.7 billion plan to boost wages and development programs, aiming to make Walmart a people-first company. The strategy paid off: starting wages rose 93 percent, and 3.5 million associates participated in skills training through Walmart’s development initiatives.

Five CEOs in Walmart’s 63-year history

Furner will be Walmart’s sixth CEO in its 63-year history. Walmart’s first store opened in Rogers, Ark., in 1962 under founder Sam Walton, who led the company until 1988. During his tenure, Walton oversaw Walmart’s initial public offering in 1970 and rapid expansion of discount stores across the U.S.

Walton was succeeded by David Glass, whose 12-year tenure emphasized adding grocery products and expanding the Sam’s Club membership program. Lee Scott followed in 2000, spending eight years launching sustainability initiatives and strengthening international operations. He was succeeded in 2008 by Mike Duke, who continued Walmart’s global expansion and pushed the retailer deeper into overseas markets until stepping down in 2014.

Walmart’s next phase will be a delicate one for Furner to manage. The retailer is navigating a volatile economic environment shaped by the Trump administration’s tariff policy, which has already forced Walmart to raise prices. Furner will also be responsible for guiding Walmart into the A.I. era, as the company expands its use of the technology across workforce training, supply chain optimization, and various internal and consumer-facing tools.

“Serving as Walmart’s CEO has been a great honor and I’m thankful to our Board and the Walton family for the opportunity,” said McMillon in a statement. Noting that he’s worked alongside Furner for more than two decades, the outgoing CEO praised his successor as “uniquely capable of leading the company through this next A.I.-driven transformation.”