(MENAFN) America's largest retailer Walmart revealed on Friday a major leadership transition, with CEO Doug McMillon set to retire in January 2026 following nearly twelve years at the helm.

John Furner will assume the chief executive role on February 1, the company disclosed in an official statement, marking the end of McMillon's transformative tenure.

The 51-year-old Furner currently oversees Walmart's U.S. operations as CEO—a position he's held since 2019—commanding the corporation's most substantial segment comprising roughly 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."

"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," Penner noted.

McMillon, age 59, spearheaded the retail behemoth's evolution into an e-commerce powerhouse throughout his decade-plus leadership. His tenure navigated unprecedented challenges including the COVID-19 pandemic, supply chain disruptions, and shifting tariff policies.

Share values surged approximately 300% under his watch. However, the succession announcement triggered a 2.7%+ decline in premarket trading Friday.

"Serving as Walmart's CEO has been a great honor and I'm thankful to our Board and the Walton family for the opportunity," McMillon said. "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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