Walmart has announced that current CEO Doug McMillon will be stepping down to retire in January.
Walmart CEO McMillon steps down in February, replaced by U.S. chief
Walmart CEO Doug McMillon is stepping down, marking the end of an era at the world’s largest retailer.
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Retail giant Walmart announced on November 14 that Walmart CEO Doug McMillon will retire in January 2026.
Mr. McMillon will be succeeded by John Farner, current president and CEO of Walmart’s U.S. division.
“Our family and board of directors have stated numerous times that Doug was qualified to serve as CEO at a time of need for Walmart,” Walmart Chairman Greg Penner said in a news release.
McMillon, 59, has held the position since 2014. He will retire from his position on January 31, 2026, and Mr. Farner will become CEO on February 1, 2026.
The announcement comes before the company is scheduled to report its quarterly results on November 20th. In the second quarter of this year, Walmart beat revenue estimates but missed adjusted earnings per share estimates for the first time since May 2022.
Walmart CEO to retire. What you need to know.
Mr. McMillon first started at Walmart as an hourly employee in 1984 and served in the same role at Walmart International before being named president and CEO in 2014.
He will remain on the board until the next annual general meeting in June “to ensure a smooth transition,” the company said. Mr. McMillon will then remain as an advisor to Mr. Furner until January 31, 2027.
“It is a great honor to serve as CEO of Walmart, and I am grateful to the board of directors and the Walton family for the opportunity,” McMillon said in a statement.
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Furner is scheduled to become CEO on February 1, 2026, and will also be appointed to Walmart’s board of directors, effective immediately.
The 51-year-old has been president and CEO of Walmart US since 2019, overseeing the company’s largest business unit. He began his career at Walmart in 1993 as an hourly employee and previously served as president and CEO of Sam’s Club US.
“After starting out as an hourly employee and spending more than 30 years with the company in a variety of leadership roles across all three of our business segments, John understands every aspect of our business, from the sales floor to our global strategy,” Walmart Chairman Greg Penner said in a statement.
“I am honored that my board and my family have placed their trust in me to lead Walmart, the company that has shaped my life, and so many other companies,” said Furner.
“Our purpose and our people will continue to guide us as we enter a new retail era powered by innovation and AI,” Furner said.
Melina Khan is USA TODAY’s national trends reporter. Contact her at melina.khan@usatoday.com.
