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Walmart has announced that chief executive Doug McMillon is retiring and will be replaced by the head of the group’s US division at the end of January.
The world’s biggest retailer said in a regulatory filing on Friday that John Furner would take the reins on February 1, bringing an end to McMillon’s 11-year run as chief, during which time the company’s stock has risen more than 300 per cent.
Walmart said McMillon would continue to serve as a director on the board until the June 2026 annual meeting and would continue to be employed as an associate of the group until January 31 2027.
Furner has been the head of the company’s main Walmart US division since November 2019, moving into the role after an almost three-year run leading the group’s Sam’s Club subsidiary.
Walmart shares were down more than 3 per cent in pre-market trading.
This is a developing story