Walmart on Friday said CEO Doug McMillon, who has led the company since 2014, will retire in January, with company executive John Furner taking over the role on Feb. 1.
McMillon, 59, will step down as CEO on Jan. 31 but remain on the retailer’s board of directors until its annual shareholders’ meeting and will serve as an adviser to Furner through Jan. 31, 2027, Walmart said in a statement.
Furner, 51, has served as president and CEO of Walmart U.S. since 2019.
McMillon oversaw an expansion of tech-based initiatives at Walmart, such as investing in e-commerce and artificial intelligence, while also increasing wages and benefits for Walmart’s 2.1 million workers.
“I’ve worked with John for more than 20 years. His love for our associates and this company runs deep. His curiosity and digital acumen combined with a deep commitment to our people and culture will enable him to take us to the next level,” McMillon said in the statement.
—This is breaking news and will be updated.