Walmart CEO Doug McMillon Is Leaving a Big Legacy, and It's Not What Anyone Expected

"When Doug McMillon became CEO of Walmart in February 2014, the future looked stormy. Amazon was eating the retail world, one click at a time. Walmart had 4,700 stores across America-but that suddenly seemed less like an asset and more like an anchor. In fact, some analysts back then wondered whether Walmart could survive the e-commerce revolution. Today, as McMillon prepares to hand over the reins to John Furner in February 2026, that question sounds almost quaint."

"The numbers from Walmart's third quarter tell the story McMillon probably dreamed about back in 2014: Total revenue hitting $179.5 billion. U.S. e-commerce sales up 28 percent. Seven consecutive quarters of e-commerce growth above 20 percent. Perhaps most importantly, U.S. online sales turning profitable this year after years of investment. "McMillon spent a decade investing in digital, supply chain, and omnichannel capabilities," Jefferies analysts noted after his departure was announced, as quoted by Retail Dive. "His tenure was transformative.""

"If you run a business, you've probably faced a moment when a competitor seemed to have an insurmountable advantage. Maybe they had newer technology, a better business model, or were just faster and more innovative. In 2014, Walmart's entire premise was that having 90 percent of Americans living within 10 miles of a Walmart was an advantage. Suddenly, those thousands of stores represented expensive real estate, huge overhead costs, and a business model that seemed fundamentally at odds with where retail was heading."

Doug McMillon became Walmart CEO in February 2014 amid concern that e-commerce and Amazon threatened the company. He invested a decade in digital, supply chain, and omnichannel capabilities, shifting Walmart from a retail chain burden to a nationwide advantage with stores serving e-commerce fulfillment and customer convenience. Recent results show total revenue of $179.5 billion, U.S. e-commerce up 28 percent, and seven consecutive quarters of e-commerce growth above 20 percent, with U.S. online sales turning profitable. Walmart converted its physical footprint into a strategic asset and positioned itself as Amazon's main competitor, with leadership transitioning to John Furner in February 2026.

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