Retail giant Walmart said Friday that longtime CEO Doug McMillon will retire at the end of January. The company said its former U.S. CEO, John Furner, would take over as overall CEO on Feb. 1.
McMillon has held the company’s top executive role since 2014, being only the fifth person to lead the massive Arkansas-based company during its 63-year history.
While neither McMillon nor the company gave a reason for the decision, McMillon said his replacement would be more than capable.
“I’ve worked with John for more than 20 years. He’s uniquely capable of leading the company through this next AI-driven transformation,” he said in a statement.
What has McMillon overseen during his tenure?
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According to data analysts at Demandsage, Walmart earns $1.56 billion every day, serving millions of customers.
McMillon took over at a time when consumers began doing most shopping online instead of going to big-box stores. However, that didn’t slow Walmart’s growth, as the company launched products to compete with Amazon, such as its Walmart+ subscription. During his time, McMillon had overseen a more than 400% increase in Walmart’s share price.
He also made changes to store policies, including halting sales of ammo for handguns and semiautomatic rifles. This change came after a gunman killed 19 people inside a Walmart in El Paso, Texas.
However, not all of McMillon’s business decisions were successful. In 2016, Walmart acquired Jet.com, an e-commerce company, for $3.3 billion. McMillon hoped the deal would help them compete against Amazon but Walmart shuttered the site after three years.
McMillon also tried to push Walmart into upscale clothing, purchasing the Bonobos clothing brand in 2017 for $130 million. However, in 2023, the company sold Bonobos to WHP Global and Express for $75 million.
During that same time period, Walmart also purchased outdoor retailer Moosejaw for $51 million before selling it to Dick’s Sporting Goods for the same price.
McMillon’s history with Walmart
According to CNN, McMillon began working as a summer store associate at Walmart as a teenager in 1984. McMillon quit his summer job to attend college, eventually earning his master’s degree.
McMillon soon rejoined Walmart and began working as an assistant manager at the Tulsa, Oklahoma, store. He worked his way to the CEO of Sam’s Club, owned by Walmart, in 2005.
Then, in 2013, Walmart announced McMillon would replace Mike Duke as Walmart’s CEO. He officially began in February 2014.
“Serving as Walmart’s CEO has been a great honor and I’m thankful to our Board and the Walton family for the opportunity,” McMillon said in a statement announcing his retirement.
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