McMillon to Retire as Walmart CEO in January, Furner to Step in

On Friday, Nov. 14, Walmart Inc. WMT announced that its long-serving CEO, Doug McMillon, will retire effective Jan. 31, 2026. The board has appointed John Furner, currently head of Walmart U.S., to assume the role of president and chief executive officer from February, ushering in a new era for the global retail behemoth. Walmart is part of the Zacks Retail – Supermarkets industry.

McMillon, who started his Walmart career in 1984 as an hourly worker, has served as CEO since 2014 and presided over a period of sweeping transformation. During his tenure, the company saw strong revenue growth and a rapid expansion of its global e-commerce operations. He steered Walmart toward automation, artificial intelligence and a broad digital overhaul, helping reshape it into a tech-driven retailer capable of competing in a rapidly evolving marketplace. His leadership also placed notable emphasis on employee well-being, including wage increases, expanded parental leave and new education programs offering workers access to certificates and degrees.

The board voiced full confidence in Furner’s ability to maintain Walmart’s forward momentum. At 51, Furner is a long-time insider who joined the company in 1993 as an hourly associate. His extensive experience spans operations, merchandising and sourcing, and includes leading Sam’s Club as well as overseeing Walmart’s U.S. business since 2019. Chairman Greg Penner highlighted Furner’s deep grasp of Walmart’s culture and strategy, saying he is well-equipped to steer the company through its next chapter of growth.

Walmart stressed that the transition was long planned. McMillon will stay on the board until the next shareholder meeting and will continue advising the company through fiscal 2027 to support a smooth handover.

Investors initially reacted cautiously. Walmart shares declined sharply in premarket trading as markets absorbed the news and weighed the uncertainty that often accompanies a shift at the top. However, losses moderated during the session as market participants viewed Furner’s promotion as a logical, steady and well-prepared succession.

As of Nov. 14, the Zacks Rank #3 (Hold) company’s shares gained 13.4% year to date compared with its Zacks Peer Group, which has jumped 28.2%. The Kroger Co. KR and Tesco PLC TSCDY, two of its peers from the same Zacks industry segment, have added 9.1% and 24.7%, respectively, in the same period. While TSCDY also carries a Zacks Rank #3, KR has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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This article originally published on Zacks Investment Research (zacks.com).

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