Walmart chief Doug McMillon retiring after more than a decade

Walmart chief executive Doug McMillon will retire from his post in January, handing over the reins to a longtime deputy.

The 59-year-old is stepping down after more than a decade at the helm of the world’s largest retailer, a period when it successfully expanded its online operations, while scaling back riskier international units.

He will be succeeded by John Furner, a Walmart lifer who worked his way up from the shop floor and now serves as head of the company’s US business.

The change comes as the retailer has experienced solid growth, despite uncertainty generated by new tariffs and signs of slowing consumer spending.

Walmart chairman Greg Penner said Mr McMillon had left the company in a stronger position than when he started in the role in 2014, when the rise of e-commerce had put the firm on the defensive.

“Doug led a comprehensive transformation by investing in our associates, advancing our digital and eCommerce capabilities, and modernising our supply chain, resulting in sustained, robust financial performance,” he said in a statement announcing the plans.

Walmart, which reported roughly $680bn in revenue last year, has a sprawling global footprint, with more than 10,000 stores in 19 countries.

But under Mr McMillon, Walmart behaved like a “small business” – moving quickly to experiment as it worked to find its footing in the world of online retail, said Neil Saunders, managing director at consultancy GlobalData.

Success was mixed. For example, the company offloaded menswear brand Bonobos in 2023 at a loss just six years after buying it.

But online purchases now represent a key growth driver for the firm.

“I think he’ll be remembered as a leader that was transformational,” Mr Saunders said. “He’s taken a very good business and he’s made it even better, which is a very difficult thing to do.”

Mr McMillon will remain an adviser to Mr Furner and continue to serve on the board of the company through June 2026 to help with the transition, the company said.

Mr McMillon said in a statement that it had been a “great honour” to serve as chief executive, while praising 51-year-old Mr Furner as “uniquely capable of leading the company through this next AI-driven transformation”.

Mr Furner has been in charge of Walmart’s US business since 2019, helping to steer it through the pandemic’s supply chain disruptions and jump in prices that followed.

The business has also successfully weathered the abrupt changes in tariffs this year, using its scale to help keep price rises in check and make gains against competitors. Sales increased nearly 5% in the US in the most recent quarter.

He had long been floated as a likely successor to Mr McMillon.

Shares in the firm, which are up about 14% this year, fell about 2% in opening trading as investors reacted to the news but later clawed back some ground.