Walmart CEO Doug McMillon to step down, John Furner will succeed (Updated)

Walmart will usher in its sixth company CEO in its 63-year history when Doug McMillon retires Jan. 31, 2026 — the end of the company’s fiscal year. John Furner, CEO of Walmart U.S., will succeed McMillon in the global retailer’s top job.

Furner also was immediately elected to the company’s board of directors, Walmart said Friday. The Bentonville-based retailer also said McMillon will retain his board seat until the next shareholder’s meeting in June and stay on as an advisor through January 2027.

“Serving as Walmart’s CEO has been a great honor and I’m thankful to our Board and the Walton family for the opportunity,” McMillon said. “I’m incredibly proud of what our associates accomplished and deeply grateful for their commitment to our customers, to each other and to the communities we serve. Thank you, everyone.”

He said Furner is “uniquely capable of leading the company through this next AI-driven transformation. He’s a merchant, an operator, an innovator, and a builder. I know that our future is bright with his leadership.”

“I’ve worked with John for more than 20 years,” McMillon said of Furner. “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.”

At 59, McMillon has been the face of Walmart since 2014 and will have served 12 years in that post when he retires. That is two years longer than Lee Scott and the same number as David Glass. McMillon credits both as mentors.

There has been little doubt who would succeed McMillon. Furner, 51, has spent his entire career at Walmart, from his first job at Store 100 in Bentonville when he was attending college at the University of Arkansas in 1993, to his present role as CEO of Walmart U.S., a position he has held for the past six years. Like McMillon, he was CEO of Sam’s Club and worked in the company’s international business.

“John Furner is the right leader to guide Walmart into our next chapter of growth and transformation,” said Greg Penner, Walmart board chairman. “After starting as an hourly associate and being with us for over 30 years in a variety of leadership roles across all three of our operating segments, John understands every dimension of our business – from the sales floor to global strategy.”

“I am deeply honored by the trust the Board and family have placed in me to lead Walmart, a company that has shaped my life and so many others,” Furner said in a statement. “I’m grateful to Doug for his leadership and mentorship and the foundation that is built for our future. As we enter a new retail era fueled by innovation and AI, our purpose and our people will continue to guide us. Together, we’ll find new ways to serve customers, support our associates, and strengthen the communities we call home.”

Penner also thanked McMillon for his leadership.

“Our family and Board have stated many times that Doug was uniquely qualified to be CEO at the necessary time for Walmart. Over more than a decade as CEO, Doug led a comprehensive transformation by investing in our associates, advancing our digital and eCommerce capabilities, and modernizing our supply chain, resulting in sustained, robust financial performance. He leaves Walmart stronger, more innovative, and better aligned with our purpose to help people save money and live better.”

Insiders have often talked about when McMillon might step away from the business with the odds favoring a departure following the move to the new corporate headquarters — a project he began about a decade ago and one that will be complete by the end of the year.

McMillon oversaw wage increases, and he increased bonus pay and stock ownership for store managers. When asked at the company’s last shareholder meeting what gave him the most pride during his years of service, he said investment in Walmart’s people because they are secret sauce to the company’s long-term success. He recently noted in blog post about leadership that what excites him the most is what is still ahead.

“It’s our people who will write, create and build the future of Walmart — and the best part is, we’re just getting started,” McMillon said.

In the blog he said leadership moments that can define a company are deeply connected to its culture. He credited former CEO Lee Scott for energizing the company around sustainability in 2005, saying this mission to help others and the planet became core to the company’s culture.

“As we look to the next 20 years, we know we’ll face challenges we can’t yet see,” McMillon said. “It will be our culture and values that guide us through those moments and help us innovate new ways to serve people and the planet. For example, we know technology, especially AI, will transform the way we live, work and shop. It will automate tasks — both physical and mental — and it’s understandable to be concerned about the risks that creates for people.”

Walmart is set to post third-quarter financial results Nov. 20. Second quarter net income for Walmart was $7.026 billion, up 56.1% compared with the same period in 2024. Per share earnings were 88 cents before adjustments reduced them to 68 cents, below the consensus estimate of 74 cents.

Revenue, which includes sales and membership income, increased 3.7% to $175.75 billion in the fiscal quarter ended July 31. E-commerce sales jumped 25% globally and rose 26% in the large U.S. business. Global advertising revenue increased 46% year over year, including the Vizio business. The U.S. advertising business grew 31% from a year ago.

Walmart’s operating income totaled $7.286 billion, down 8.2% from a year ago amid higher admin expenses, cost of goods, and interest costs.