Walmart announced Friday that longtime CEO Doug McMillon will step down at the end of January, a move that came as a surprise to some given the company’s success in the rapidly evolving retail industry.
The company announced that John Farner, CEO of Walmart U.S., will become CEO overall effective February 1. Mr. McMillon will continue in an executive and advisory role until January 2027.
Mr McMillon, 59, has held the top job since 2014 and is only the fifth person to lead the prestigious company in its 63-year history.
“It is a great honor to serve as CEO of Walmart, and I am grateful to the board of directors and the Walton family for the opportunity,” McMillon said in a statement. “I’ve worked with John for over 20 years. … He has the unique ability to lead the company through this next AI-driven transformation.”
America’s retail industry continues to rapidly evolve as consumer spending becomes increasingly polarized between wealthy and non-wealthy households. However, Walmart’s performance has been stable and investors have rewarded it justly, with the company’s stock price rising about 13% in 2025. During Mr. McMillon’s tenure, the company’s stock price rose about 300%.
At Walmart’s most recent earnings call in August, McMillon suggested that the company had withstood the broader pressures faced by consumers, noting that shoppers’ “behavior has generally remained consistent. We haven’t seen any dramatic changes.”
