"Serving as Walmart's CEO has been a great honor and I'm thankful to our Board and the Walton family for the opportunity," McMillon said in a statement Friday."
"This is the right time to retire because the company's in such great shape, and John is more than ready to lead this company through another set of transformations," McMillon said in a separate video message, filmed alongside Furner."
"I've worked with John for more than 20 years. His love for our associates and this company runs deep," McMillon said. "He's uniquely capable of leading the company through this next AI-driven transformation. He's a merchant, an operator, an innovator, and a builder. I know that our future is bright with his leadership."
John Furner will become Walmart's CEO and president on February 1 next year, succeeding Doug McMillon, who is retiring. McMillon led Walmart since 2014 and previously headed Walmart International and Sam's Club. McMillon called the timing right because the company is in strong shape and said Furner is ready to lead further transformations. Walmart noted prior CEO transitions were announced in November, began at year-end, and included advisory board roles for outgoing CEOs. McMillon praised Furner's two decades of experience, commitment to associates, and readiness to guide an AI-driven transformation. Walmart invested in wages, employee programs, and partnered with OpenAI to expand customer engagement.
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