Nov 14 (Reuters) - Walmart ( WMT ) said on Friday that

CEO Doug McMillon would retire next year and that insider John

Furner would succeed him as the retailer's top boss.

Shares of the company fell about 3% in premarket trading.

The move is the latest in a string of leadership changes

sweeping through the retail sector as companies tackle tariff

pressures, an uncertain economy and choppy consumer spending

backdrop. Target also named insider Michael Fiddelke as

its new CEO earlier this year.

Furner currently serves as CEO of Walmart U.S. He joined

Walmart ( WMT ) as an hourly associate around three decades ago, and has

held leadership roles across merchandising, operations and

sourcing, the company said. He has also served as president and

CEO of Sam's Club.

McMillon, who has been heading the retail bellwether

since 2014, will retire in January next year, but continue to be

employed as an associate of the company through January 31,

2027, Walmart ( WMT ) said.

The company reports quarterly results next week.

(Reporting by Juveria Tabassum in Bengaluru; Editing by Savio

D'Souza and Anil D'Silva)