Walmart CEO to retire next year

Walmart CEO Doug McMillon will retire next year, having held the role since 2014, the company said Friday.

McMillon, 59, started at Walmart in 1984, The Associated Press reported. The head of Walmart’s U.S. operations, John Furner, 51, will succeed McMillon on Feb. 1, when the current CEO's retirement takes effect, according to the company.

Furner will be advised for a year by McMillon, whose tenure as CEO has been marked by heavily investing in employees through increasing wages, expanding parental leave, and launching a program for employees seeking advancement and education opportunities to earn certificates and degrees. Also, McMillon has ensured that Walmart maintains low prices while embracing new technology like artificial intelligence and robotics.

McMillon oversaw Walmart’s annual revenue growth increase from $485.7 billion to $681 billion in its latest fiscal year. The company's stock was around $25 per share when he became CEO, and it is now over $102.

Walmart shares fell 3% immediately in premarket trading after the surprise announcement.

“Over more than a decade as CEO, Doug led a comprehensive transformation by investing in our associates, advancing our digital and e-commerce capabilities, and modernizing our supply chain,” Walmart Chairman Greg Penner, the son-in-law of the late Walmart founder Sam Walton, said. “He leaves Walmart stronger, more innovative, and better aligned with our purpose to help people save money and live better.”

Furner started at Walmart in 1993 as an hourly store associate in Bentonville, Ark., where the company is based. Since then, he has served as president and CEO of the U.S. division of Sam’s Club, which Walmart owns, before taking the same positions at Walmart U.S.