(MENAFN) US retail powerhouse Walmart revealed on Friday that CEO Doug McMillon will step down in January 2026, concluding nearly 12 years at the helm of the company.

According to a statement from Walmart, John Furner is set to assume the role of CEO on February 1, succeeding the longtime executive.

Furner, 51, has led Walmart’s US division since 2019, overseeing the company’s largest segment, which includes nearly 4,600 stores nationwide.

Walmart Chairman Greg Penner described Furner as "the right leader to guide Walmart into the next chapter of our growth and transformation."

Penner emphasized Furner’s extensive experience, noting, “After starting as an hourly associate and being with us for over 30 years in a variety of leadership roles across all three of our operating segments, John understands every dimension of our business—from the sales floor to global strategy.”

McMillon, 59, has directed the retail conglomerate and driven its e-commerce expansion for more than ten years.

He also steered the company through challenging times, including supply chain disruptions, tariff changes, and the COVID-19 pandemic.

Under McMillon’s leadership, Walmart’s stock has surged roughly 300%. However, during Friday’s premarket session, shares fell over 2.7%.

Reflecting on his tenure, McMillon stated, “Serving as Walmart’s CEO has been a great honor and I’m thankful to our Board and the Walton family for the opportunity. I’ve worked with John for more than 20 years. ... He’s uniquely capable of leading the company through this next AI-driven transformation."

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