Walmart CEO McMillon to retire in January; Furner to step in - UPI.com

Nov. 14 (UPI) -- Walmart announced Friday that its president and CEO Doug McMillon is retiring and will be replaced by John Furner.

McMillon, 59, will retire at the end of January, and Furner, 51, will step in. Furner began his Walmart journey as an hourly associate in 1993 and has steadily climbed the Walmart ladder, according to a company press release. He is now serving as president and CEO of Walmart U.S. since 2019, which is the company's largest market with more than 4,600 stores.

McMillion became CEO in 2014, stepping in from his role as CEO of Sam's Club. In his tenure, Walmart shares have risen more than 300%, CNBC reported. He also began as an hourly associate. He will stay on the board until the next annual shareholders' meeting and help ensure a smooth transition, Walmart said. He will also stay as an advisor to Furner through fiscal year 2027.

Walmart's stock dropped Friday more than 2% in premarket trading.

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