Walmart’s CEO Doug McMillon will be retiring in January next year. John Furner—who is currently CEO of Walmart US—will be taking over the leadership position, as per a company announcement.
As part of the reshuffle in leadership, Furner was also elected to the board of directors immediately. McMillon will still stay on the board of directors after his resignation in an advisory capacity to Furner.
Furner has been working for Walmart for 30 years, first working as an associate before transitioning to and working across multiple leadership roles in the company.
“John Furner is the right leader to guide Walmart into our next chapter of growth and transformation,” said Walmart Inc’s chairman Greg Penner.
At the time of writing, Walmart shares were trading at $100.64.
Both the incoming and current CEO mentioned that AI will play a critical role in the company’s future prospects.
“I am deeply honored by the trust the Board and family have placed in me to lead Walmart, a company that has shaped my life and so many others. I’m grateful to Doug for his leadership and mentorship and the foundation that is built for our future,” said John Furner.