Surprise Exit from Walmart’s Longtime Leader

Walmart CEO Doug McMillon, who reshaped America’s largest retailer into a tech-powered powerhouse, announced a surprise retirement at age 59. The company said he plans to step down early next year, and John Furner, 51, head of Walmart U.S., will take over on Feb. 1. McMillon will remain for a year to advise his successor. The news briefly rattled investors — walmart stock fell about 3% in premarket trading before recovering to be down 1% by midday.

McMillon isn’t a household name like other tech founders, but under his leadership Walmart became a major bellwether for the U.S. economy. The company says 90% of U.S. households rely on Walmart and that more than 150 million customers shop in stores or online each week.

How Doug McMillon Changed Walmart

Doug McMillon joined Walmart in 1984 and became CEO three decades later, taking the helm in 2014. During his more than a decade as chief executive, he guided big shifts across the business:

Invested in frontline employees — raising wages, expanding parental leave and launching programs so workers could earn certificates and degrees.
Pushed Walmart into e-commerce and faster delivery, with roughly one-third of recent U.S. deliveries requested within three hours and 20% arriving in half an hour or less.
Adopted new technologies including artificial intelligence and robotics to modernize the supply chain.
Worked to soften Walmart’s public image by personally connecting with hourly workers and committing to environmental goals like reducing carbon emissions.
Took steps on safety and firearms policy, stopping sales of certain ammunition and asking customers not to openly carry guns in stores after deadly shootings in 2019.

Chairman Greg Penner praised McMillon’s tenure, saying he “led a comprehensive transformation” and leaves Walmart “stronger, more innovative, and better aligned with our purpose to help people save money and live better.”

The Leadership Handoff: John Furner Steps Up

John Furner rises from running Walmart U.S. to become the new chief executive. Furner began at Walmart in 1993 as an hourly store associate in Bentonville and later led Sam’s Club before moving to Walmart U.S. Analysts see Furner as well-placed to continue Walmart’s core strategies; TD Cowen’s Oliver Chen called Furner experienced at refining the U.S. business and expected continuity, while noting the “Doug McMillon chapter won’t be easy to follow.”

Walmart’s Performance Under McMillon

Walmart’s results under McMillon paint a picture of major growth and change:

Annual revenue climbed 40% — from $485.7 billion in his first fiscal year as CEO to $681 billion in the latest fiscal year.
The stock has surged from about $25 per share when he took over to over $102 today. (WMT stock reacted to the retirement news but later pared losses.)
Walmart expanded its services, launching Walmart+ to compete with Amazon Prime and building advertising revenue streams.
The company remained the nation’s largest private employer with about 1.6 million U.S. workers (2.1 million globally), a workforce that spans Sam’s Club and Walmart stores worldwide.

McMillon’s tenure also included a large wage and training investment announced in 2015 — a three-year, $2.7 billion plan to boost pay and education — which initially unnerved investors when sales forecasts were cut but later helped improve retention and customer growth.

Challenges and Context as McMillon Leaves

The CEO transition comes amid a tricky retail backdrop: tariffs and immigration policy shifts have complicated hiring and import costs. McMillon met with President Donald Trump and other retail leaders this year about tariffs; Walmart said it has absorbed some import costs, but prices have risen. Doug told analysts that Walmart was working hard to “keep our prices as low as we can for as long as we can,” saying merchants had been creative and urgent to protect customers from added pressure.

McMillon follows in a line of long-serving leaders: he succeeded Mike Duke, who retired unexpectedly at age 59 after leading Walmart following Lee Scott.

Legacy and What Comes Next

Doug McMillon’s legacy will likely be defined by turning a massive brick-and-mortar retailer into a digital, delivery-focused competitor while investing in people and sustainability. John Furner inherits a company with huge scale — and high expectations. Investors, employees and shoppers will be watching how the new leadership balances low prices, tech investment, and the workforce initiatives that marked the McMillon era.

For continued coverage of walmart ceo doug mcmillon, john furner, walmart stock and WMT updates, follow TNN for the latest businss news, US news today and Canada news today.