Walmart CEO Doug McMillon is set to retire early next year after leading the retail giant for nearly 12 years.
McMillon, who became Walmart’s CEO in February 2014 will officially retire on January 31.
John Furner, who currently leads the Walmart US since 2019 will then take over the role on February 1.
Although, McMillon will retire, he will remain an executive officer and serve as an advisor to the company until January 31, 2027.
Furner began his career in Walmart in 1993 as an hourly employee and now has been managing the company’s largest largest division of over 4,600 stores.
In a statement, Walmart chairman Greg Penner described Furner as “the right leader to guide Walmart into the next chapter of our growth and transformation,” as per CNBC News.
“After starting as an hourly associate and being with us for over 30 years in a variety of leadership roles across all three of our operating segments, John understands every dimension of our business – from the sales floor to global strategy,” Penner added.
Walmart’s CEO change is part of a broader pattern in the retail industry where companies are appointing new leaders to deal with challenges like tariffs, economic uncertainty and fluctuating consumer spending.
