Walmart CEO Doug McMillon to step down in January

Walmart has announced that its president and chief executive Doug McMillon is to retire from his role at the end of January.

On 1 February, he will be succeded by John Furner who has served as president and chief executive of Walmart US since 2019.

McMillon will remain on the US retail giant’s board until its annual shreholders’ meeting next June to ensure a smooth transition. He has been at the helm of the business for more than a decade.

Greg Penner, chairman of Walmart, said: “On behalf of the board, I want to thank Doug McMillon for his extraordinary leadership and incredible impact he has had on our company.

“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 modernising 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.”

Furner began working with Walmart in 1993, initially as an hourly associate. During his time with the business, he has held leadership roles spanning merchandising, operations and sourcing, and has also served as president and chief executive of Sam’s Club US.

Penner said: “John Furner is the right leader to guide Walmart into our next chapter of growth and transformation.

“He has proven that he can deliver results while living our values. John’s six-year leadership of our Walmart US business during a time of rapid change, marked by digital acceleration and strong associate engagement, has positioned us for continued success.”

Furner has also been elected to Walmart’s board of directors with immediate effect.