Walmart is losing a big winner, as longtime CEO Doug McMillon is retiring

By Tomi Kilgore

Investors have reason to be unhappy: Walmart's stock has outperformed its peers as well as the stock market since McMillon started running the retail giant.

Longtime Walmart CEO Doug McMillon is retiring and being replaced by the CEO of Walmart's U.S. business, John Furner.

Shares of Walmart Inc. took a hit in early Friday trading after the discount retail giant dropped a bomb on investors, saying its longtime chief executive, Doug McMillon, will retire early next year.

Investors have good reason to feel the stress, even though McMillon will be succeeded by the person who oversaw Walmart's (WMT) U.S. business, which has accounted for more than two-thirds of the retailer's revenue.

Since McMillon took charge of Walmart on Feb. 1, 2014, the stock has outperformed the broader retail sector by a wide margin, whipped the shares of its biggest rival and even beat the broader stock market.

McMillon's success stems from broadening Walmart's reach, as the aggressive buildout of its digital strategy, which included premium services such as same-day delivery, helped attract more than just those seeking deep discounts. In a recent earnings call, Walmart said its customers were split evenly between those from lower-, middle- and higher-income households.

Walmart's stock fell 1.4% in recent morning trading toward a two-month low. It has dropped 7.2% since closing at a record $109.03 on Oct. 15, but was still up 19.7% over the past 12 months. In comparison, shares of rival Target Corp. (TGT) have tumbled 40.9% over the past year, while the S&P 500 index SPX has advanced 13.1%.

McMillon, who is 59 years old, will retire on Jan. 31, 2026, but will remain on the board of directors until the next shareholder meeting, which is expected to take place next summer. He will be replaced by John Furner, the current CEO of Walmart U.S.

The announcement comes a week before Walmart is scheduled to report fiscal third-quarter results. It also comes three months after rival Target named a new CEO.

Furner, 51, is a more than 30-year Walmart veteran who got his start as an hourly employee. The Walmart U.S. business generated $120.9 billion in revenue in the fiscal second quarter, or 68.2% of total revenue. And comparable sales, or sales of stores open at least a year, have beat expectations for the past 14 quarters.

-Tomi Kilgore

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11-14-25 1110ET