Walmart stunned the retail industry with the announcement that Doug McMillon, its CEO since 2014, will retire in early 2026 at the age of 59. McMillon, who began his Walmart career unloading trucks in the 1980s, leaves behind a legacy of transformation, record growth, and a personal story that embodies the company’s rise. His successor, John Furner, faces the daunting task of maintaining Walmart’s supremacy in the global retail hierarchy.
McMillon’s Transformative Era
When McMillon took over as CEO, Walmart was grappling with stagnant sales, messy stores, and low worker morale. He invested heavily in employees, raising wages, expanding parental leave, and launching education programs. In 2015, Walmart committed $2.7 billion to improve pay and training, a move that initially rattled investors but ultimately strengthened the workforce and boosted retention.
McMillon also pushed Walmart into the digital age. He oversaw the launch of Walmart+, expanded e-commerce operations, and modernised supply chains with robotics and artificial intelligence. By 2025, Walmart was fulfilling one-third of US store deliveries within three hours, with many arriving in under 30 minutes. His leadership softened Walmart’s image, aligning it with sustainability goals and social responsibility, including halting sales of certain ammunition after mass shootings.
Financial Growth and Market Impact
Under McMillon’s stewardship, Walmart’s annual revenue surged from $485.7 billion to $681 billion. Its stock price climbed from around $25 per share in 2014 to over $102 in 2025. Despite early investor scepticism, McMillon regained confidence with consistent growth, improved customer loyalty, and expanded market share. His tenure demonstrated that Walmart could evolve without losing its core identity as a low-price leader.
Enter John Furner
John Furner, Walmart’s current US operations chief, will step up as CEO on 1 February 2026. Furner began his Walmart career in 1993 as an hourly associate and has since held leadership roles across multiple countries, including serving as president and CEO of Sam’s Club. Analysts describe him as having ‘robust experience’ in refining Walmart’s U.S. business, but acknowledge that following McMillon will be a challenge.
The leadership transition comes at a time of economic uncertainty. Tariffs, inflation, and labour shortages have pressured retailers, and Walmart, as the nation’s largest private employer with 1.6 million US workers and 2.1 million globally, must balance affordability with workforce stability. Investors reacted cautiously to the announcement, with Walmart shares initially dropping 3% before recovering to a 1% decline by midday.
Challenges Ahead
Furner inherits a company stronger and more innovative than when McMillon took over, but also one facing intense competition from Amazon and other digital-first retailers. Walmart’s ability to maintain low prices while expanding into new revenue streams such as advertising and membership programs will be critical. The question is whether Furner can sustain Walmart’s momentum and adapt to rapidly shifting consumer habits.
The End of an Era
McMillon’s retirement marks the close of a chapter defined by resilience, innovation, and growth. His journey from warehouse worker to CEO underscores the potential of long-term leadership in one of America’s toughest industries. As Walmart prepares for its next chapter, Furner’s leadership will determine whether the company can remain the world’s largest retailer in an era of constant disruption.
Originally published on IBTimes UK
