Walmart CEO Doug McMillon to step down in January

Longtime Walmart CEO Doug McMillon will retire at the end of January — a surprise to some given the company's success in an evolving retail landscape.

Walmart announced Friday that longtime CEO Doug McMillon will retire at the end of January — which came as a surprise to some given the company’s success in a rapidly evolving retail landscape.

John Furner, Walmart’s U.S. CEO, will assume the role of overall CEO on Feb. 1, the company said. McMillon will continue to serve in an executive and advisory role through January 2027. Furner, 51, began his career at Walmart as an hourly associate.

McMillon, 59, has held the top job since 2014 and is only the fifth person to lead the storied company in its 63-year history.

McMillon has overseen a radical transformation of Walmart’s image in a little over a decade.

In 2014, Walmart had a reputation as a budget retail option and was accused of underpaying its associates. Today, it draws more well-to-do shoppers and has earned credit for adopting innovative personnel policies.