Walmart elects board, welcomes new CEO at annual business meeting

Walmart Board Chairman Greg Penner called the retailer’s annual business shareholder meeting to order Thursday (June 4) morning, welcoming John Furner as the company’s new CEO and thanking former CEO Doug McMillon for his leadership.

Furner stepped into the top job on Feb. 1. McMillon, 59, will for the next fiscal year work in a consulting role with Furner, who was previously the Walmart U.S. CEO.

“Doug lived with purpose and conviction, and he guided Walmart through periods of significant change, while staying grounded in our values and culture,” Penner said.

Penner, who is married to Carrie, the daughter of Rob Walton and granddaughter of Sam Walton, said he is pleased with the seamless transition of Furner and his management group.

“Their experience, integrity, and long-term orientation to fly us forward, and they are ready to lead in the era of retail that’s defined by AI and innovation,” he said.

Walmart shareholders have plenty to celebrate. Fiscal year 2026 revenue was $713.16 billion, up 4.7% year over year. Consolidated net income grew to $22.27 billion, up from $20.15 billion in fiscal 2025. Operating income totaled $29.82 billion, up from $29.34 million the prior year.

Furner said it’s been exciting to see how Walmart has evolved from a regional retailer to a global omnichannel business that employs 2.1 million workers worldwide.

“Our associates, powered by AI, are delivering faster and more accurately around the world,” he said. W”e serve customers and members 280 million times per week at the counter and curbside pickup for delivering to their homes. Walmart is a special company. The business has changed a lot since Sam Walton started his first Walmart, and it’s changed a lot since I started in the garden center, but what hasn’t changed is our people who make the difference.”

BOARD ELECTION
Shareholders also elected its slate of directors, who have a median age of 58, and 8 years of board tenure. Also, 8 of the 11 directors are deemed independent with no family connection to the Waltons, and 10 of the 11 are non-management. The following directors will serve a one-year term.

Cesar Conde, 52, chairman of NBCUniversal News Group
Sarah Friar. 53, chief financial officer at OpenAI
John Furner, 51, CEO of Walmart
Carla Harris, 63, senior client manager at Morgan Stanley
Tom Horton, 64, former CEO of American Airlines
Marissa Mayer, 50, founder of Dazzle AI
Shishir Mehrotra, 47, CEO of Superhuman Labs
Bob Moritz, 62, retired global chairman of PwC
Randall Stephenson, 66, retired CEO of AT&T
Steuart Walton, 44, chairman and cofounder of Game Aerospace

OUTSIDE PROPOSALS REJECTED
There were four proposals brought by shareholders, all of which were opposed by the company, and none of which garnered enough votes to pass. In proposal No. 5, shareholders asked the company to adopt cumulative voting in the elections of directors. That would mean that in any election of directors, each shareholder would be entitled to the votes equal to the number of shares owned multiplied by the number of directors to be elected, and that shareholders may allocate such votes among one or more nominees at their discretion, as permitted by applicable law.

In proposal No. 6, shareholders asked for a report on workplace health and safety governance. Proposal No. 7 asked the company to report on its immigration policy and enforcement. Proposition No. 8 requested a report of how the workplace is being impacted by AI and automation.

Shares of Walmart (NASDAQ: WMT) rose on Thursday, trading around $119.30, up $2.41 from the prior day. The stock price is up 5.7% year to date. Over the past 52 weeks, the stock has traded between $93.43 and $135.16.