Walmart Inc. on Friday said that CEO Doug McMillon will retire early next year, bringing to an end a decade-long tenure at the helm of US’s biggest retailer. John Furner, a long time insider and head of US operations, will take over.
McMillon’s retirement is effective 31 January 2025. Furner will start as the Walmart CEO the next day, according to a statement. The 59-year-old will continue to be employed as an adviser through 31 January 2027.
As CEO, McMillon invested heavily in technology—including AI in recent years—to transform the big-box retailer into an e-commerce powerhouse rivalling Amazon.com Inc. It was under his leadership that Walmart acquired Flipkart and made it India’s biggest online retailer—eclipsing Amazon India.
Today, about 18% ($123 billion) of Walmart’s revenue comes from e-commerce—largely due to its bet on Flipkart and own US operations—from 2.1% ($10 billion) in 2014. That underscores the digital transformation that Walmart underwent during his tenure.
Between 2014 and 2025, Walmart’s annual revenue has grown 40% to $681 billion with a operating margin that’s actually shrunk 133 basis points to 4.31%. The stock has risen 323% over the same time, outperforming the S&P 500 index, quadrupling the market capitalisation.
One basis point is one-hundredth of a percentage point.
“Doug McMillon has been a terrific CEO, leading Walmart’s transformation into an even bigger and stronger retail powerhouse fueled by technology,” Joseph Feldman, an analyst with Telsey Advisory Group, told Reuters. “John Furner is the logical choice to be the next CEO. He is a lifer at Walmart who started as an hourly associate in 1993, so he is a good cultural fit.”
To be sure, McMillon invested in human resources as well—under him, Walmart increased wages for its workers, expanded parental leave for them, and set up a program for certificates or degrees for employees seeking higher education. Walmart has also lowered its prices and embraced technology like AI.
Furner, 51, currently serves as CEO of Walmart US. He joined Walmart as an hourly associate around three decades ago, and has held leadership roles across merchandising, operations and sourcing. He has also served as president and CEO of Sam’s Club.
