Walmart CEO Doug McMillon is retiring aboriginal adjacent year, the institution said Friday successful a filing.
The longtime CEO volition beryllium succeeded by John Furner, the Walmart U.S. CEO, connected Feb. 1, according to the filing. Both changes instrumentality effect then.
Furner, 51, has been the CEO of Walmart's U.S. concern since 2019. In that role, helium oversee much than 4,600 stores and the largest assemblage of the company.
In a statement, Walmart president Greg Penner described Furner arsenic "the close person to usher Walmart into the adjacent section of our maturation and transformation."
"After starting arsenic an hourly subordinate and being with america for implicit 30 years successful a assortment of enactment roles crossed each 3 of our operating segments, John understands each magnitude of our concern – from the income level to planetary strategy," Penner added.
For much than a decade, McMillon, 59, has led the retail elephantine and overseen the company's maturation arsenic an e-commerce leader. He besides oversaw the concern during a tumultuous clip marked by the Covid pandemic, proviso concatenation disruptions and tariff changes.
During his clip astatine the company, Walmart's shares are up astir 300%. The company's banal fell much than 2% successful premarket trading Friday.
"Serving arsenic Walmart's CEO has been a large grant and I'm thankful to our Board and the Walton household for the opportunity," McMillon said successful a statement. "I've worked with John for much than 20 years. ... He's uniquely susceptible of starring the institution done this adjacent AI-driven transformation."
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