Walmart Is Getting a New CEO

Walmart CEO Doug McMillon will step down on Jan. 31, the company announced Friday, with the role set to be filled by John Furner, who currently serves as president and CEO of Walmart's US division. McMillon, who has spent his entire career at Walmart, will retire in early 2026, but he'll stick around on the board until the next annual shareholders meeting, reports the New York Times.

Furner, an Arkansas native whose father worked at the company, and who has also punched in at Walmart for his whole career, is set to take over on Feb. 1. In a statement, Walmart Chairman Greg Penner said Furner "understands every dimension of our business—from the sales floor to global strategy."

As CEO, Furner will lead one of the nation's biggest workforces and will be tasked with steering Walmart through an era increasingly defined by artificial intelligence. He'll also have to manage the impact of tariffs on the company's global supply chains and address the challenges posed by customers grappling with affordability issues nationwide. Following the announcement, Walmart's stock fell nearly 3% in premarket trading on Friday.