Walmart’s CEO Doug McMillon is stepping down after 15 years with the company.

Walmart CEO Doug McMillon to Step Down

Walmart has announced that Doug McMillon will resign as CEO after more than 15 years with the company. This decision was made public on Friday.

John Furner, 51, who has been with Walmart since 1993, will take over as president and CEO starting February 1, 2026. Furner began his career as a store clerk and has steadily climbed the corporate ladder.

At 59, McMillon has led Walmart, the largest private employer globally, for over a decade. During his tenure, he emphasized investing in Walmart’s employees, enhancing the company’s e-commerce capabilities, and fortifying its supply chain.

Following the announcement, shares of Walmart dropped by 2.8% in premarket trading.

Walmart Chairman Greg Penner expressed in a statement, “Our family and board of directors have repeatedly stated that Doug is uniquely qualified to serve as CEO at a time of need for Walmart.” He added, “He leaves Walmart stronger, more innovative, and better aligned with our purpose of helping people save money and live better lives.”

Although McMillon will step down, he will remain a board member until the annual meeting in June, and he plans to serve as an advisor to Furner until the end of fiscal 2027.

Furner brings over 30 years of experience with Walmart, having started as an hourly employee. Interestingly, he has held various roles across different countries and is currently the CEO of Sam’s Club US.

His father also held a position at the company, which adds a bit of family legacy to his appointment.

For the last six years, Furner has managed Walmart’s U.S. operations, which includes overseeing more than 4,600 stores and the company’s largest sales division.