Walmart CEO Doug McMillon retiring, succeeded by John Furner

Doug McMillon, president and CEO of Walmart Inc. during a massive expansion and technological revolution, will retire and be succeeded by John Furner, president and CEO of Walmart U.S.Why it matters: Furner takes over the largest U.S. retailer at a crucial moment, with tariffs weighing on the economy and growing pressure from both consumers and the government over affordability.The company is also in the early stages of an AI transformation that McMillon has said will in some way change every one of the company's 2 million-plus jobs.Driving the news: Furner, 51, will succeed McMillon, 59, as CEO on Feb. 1.Furner — a Walmart lifer who joined the company as an hourly associate in 1993 — formerly served as CEO of Sam's Club U.S. and head of marketing for Walmart China.He's also a past chairman of the National Retail Federation."He has proven that he can deliver results while living our values," Walmart chairman Greg Penner said in a statement. By the numbers: Since McMillon took over as CEO in Nov. 2013, the stock has quadrupled, doubling the performance of the retail sector's main players over that time. The company, with more than $680 billion in annual revenue, sits atop the Fortune 500. Globally, Walmart each week serves 270 million customers and members at more than 10,750 stores and clubs in 19 countries, plus numerous e-commerce sites.Between the lines: Walmart officials say they're following the same game plan they did when McMillon was announced as CEO, giving Furner a similar runway to take over.McMillon will remain on the board through June 2026 and an advisor to the company through January 2027.What to watch: The company is due to report quarterly earnings next week, where Wall Street analysts are sure to ask about Furner's plans for the future. Editor's note: This story was updated with additional context.Go deeper: The hottest new AI stock could be Walmart

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