Walmart announced Friday that longtime CEO Doug McMillon will retire at the end of January \u2014 which came as a surprise to some given the company\u2019s success in a rapidly evolving retail landscape. <\/p>\n
John Furner, Walmart\u2019s U.S. CEO, will assume the role of overall CEO on Feb. 1, the company said. McMillon will continue to serve in an executive and advisory role through January 2027. Furner, 51, began his career at Walmart as an hourly associate. <\/p>\n
McMillon, 59, has held the top job since 2014 and is only the fifth person to lead the storied company in its 63-year history. <\/p>\n
McMillon has overseen a radical transformation of Walmart\u2019s image in a little over a decade. <\/p>\n
In 2014, Walmart had a reputation as a budget retail option and was accused of underpaying its associates. Today, it draws more well-to-do shoppers and has earned credit for adopting innovative personnel policies.<\/p>\n
McMillon also built up Walmart\u2019s e-commerce operation into the country\u2019s second-largest, behind only Amazon. Over the course of McMillon\u2019s tenure, the value of Walmart\u2019s shares has increased some 300%. <\/p>\n
\u201cServing as Walmart\u2019s CEO has been a great honor and I\u2019m thankful to our Board and the Walton family for the opportunity,\u201d McMillon said in a statement. \u201cI\u2019ve worked with John for more than 20 years. … He\u2019s uniquely capable of leading the company through this next AI-driven transformation.\u201d<\/p>\n
America\u2019s retail landscape continues to rapidly evolve, as consumer spending habits increasingly bifurcate between wealthier households and everyone else. <\/p>\n
However, Walmart\u2019s quarterly results have held steady \u2014 and the company has been justly rewarded by investors. Just this year, Walmart shares have climbed around 13%. Over the course of McMillon\u2019s tenure, the retailer\u2019s stock price is up some 300%. <\/p>\n
On Walmart\u2019s most recent earnings call in August, McMillon indicated the company has been able to withstand the broader pressures facing consumers. Its shoppers\u2019 \u201cbehavior has been generally consistent,\u201d he said. \u201cWe aren\u2019t seeing dramatic shifts.\u201d <\/p>\n
Other retailers have not been so fortunate. <\/p>\n
Target\u2019s shares have lost about one-third of their value this year, as the chain works to regain its footing in a more value-conscious environment. In August, longtime CEO Brian Cornell announced plans to step down. <\/p>\n
Amazon, meanwhile, has fared slightly better as consumers continue to prioritize the convenience of online shopping. But it recently announced thousands of layoffs affecting corporate employees. Amazon\u2019s share price has climbed about 8% this year. <\/p>\n
McMillon has also steered Walmart through a volatile period in U.S. politics, during which elected officials have engaged directly with companies and consumers have proven willing to boycott corporate giants over social issues. <\/p>\n
Walmart found itself in President Donald Trump\u2019s crosshairs in May, after it signaled plans to increase some prices in response to his tariffs. <\/p>\n
\u201cWalmart should STOP trying to blame Tariffs as the reason for raising prices throughout the chain,\u201d Trump wrote on his Truth Social platform. \u201cBetween Walmart and China they should, as is said, \u2018EAT THE TARIFFS,\u2019 and not charge valued customers ANYTHING. I\u2019ll be watching, and so will your customers!!!\u201d <\/p>\n
While subsequent reports indicated that Walmart had indeed increased prices on some items, McMillon said in August that the changes were gradual enough that consumer habits shifted only modestly. <\/p>\n
Six months after Trump singled Walmart out over tariffs, he did so again \u2014 but for a very different reason. <\/p>\n
In recent weeks, the Trump White House has repeatedly touted Walmart\u2019s 2025 Thanksgiving menu package \u2014 which costs less overall than the retailer\u2019s similar menu did last year \u2014 as a sign that the president\u2019s economic policies have helped drive down grocery prices for consumers. <\/p>\n
But there is a flaw in that rationale. This year\u2019s Walmart Thanksgiving menu contains fewer items than last year\u2019s menu did.<\/p>\n<\/p>\n
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