Doug McMillon, the chief executive officer (CEO) of retail giant Walmart (NYSE: WMT), has announced his imminent retirement. He’ll step down on January 31, 2026, and be replaced by John Furner, current CEO of Walmart’s U.S. division.

McMillon has been Walmart’s chief executive since February 2014. He has worked at the Arkansas-based retail giant since 1984, starting as a teenage summer associate. He rose through the ranks over decades, becoming CEO of Sam’s Club, Walmart’s wholesale retail division, in 2005, then of Walmart’s international business in 2009, before being promoted to the number one executive role in 2014.

Under McMillon, Walmart has invested heavily in its e-commerce business and also expanded its physical retail business. He took over at a time when Walmart faced intensifying competition in both e-commerce and physical retail. 

• In 2014, Walmart’s e-commerce sales were estimated at $10bn. In 2024, its e-commerce revenue surpassed $100bn for the first time.

• In its last fiscal year ended July 2025, Walmart reported $681bn in revenue, compared to $473bn in fiscal 2014. Most of the company’s growth has come from e-commerce.

John Furner, McMillon’s imminent replacement, has led Walmart’s U.S. division since 2019. Like McMillon, he’s a Walmart corporate lifer, having begun as an hourly associate in 1993. Walmart U.S. is Walmart’s largest corporate division and accounts for most of its sales. 

After stepping down in early 2026, McMillon will remain on Walmart’s board for a year to oversee the executive transition, the company said. Furner has been elected to Walmart’s board, effective immediately, to begin the transition process. 

• With $681bn in annual revenue, Walmart remains the largest company worldwide by sales, and is the world’s largest private employer with 2.1 million employees.

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