10:33 AM EST, 11/14/2025 (MT Newswires) -- Walmart ( WMT ) said Friday that Doug McMillon will retire as chief executive of the retail giant at the end of January, with the head of its US operations and long-time company executive set to succeed him.

John Furner will take over from McMillon in the top role, effective Feb. 1. Furner, who currently serves as CEO of Walmart US and has been with the company for more than three decades, was also elected to its board of directors, effective immediately.

"John Furner is the right leader to guide Walmart ( WMT ) into our next chapter of growth and transformation," Chairman Greg Penner said in a statement. "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."

McMillon, who is set to retire on Jan. 31, will remain on Walmart's ( WMT ) board until its next annual shareholders meeting in June to ensure a smooth transition and will remain an advisor to Furner through fiscal 2027, according to the company.

Walmart's ( WMT ) shares were down 1.4% in Friday trade. The stock has gained about 12% so far this year.

The company is scheduled to release its latest quarterly results next week. In August, the retailer reported fiscal second-quarter earnings below Wall Street's estimates, but lifted its full-year outlook amid expectations for continued market share gains.

"I am deeply honored by the trust the board and family have placed in me to lead Walmart ( WMT )," Furner said. "As we enter a new retail era fueled by innovation and AI, our purpose and our people will continue to guide us."

The company said it plans to appoint a successor to Furner as CEO of Walmart US before the end of its fiscal year 2026.

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