Doug McMillon, president and CEO of Walmart Inc. during a massive expansion and technological revolution, will retire and be succeeded by John Furner, president and CEO of Walmart U.S.

Why it matters: Furner takes over the largest U.S. retailer at a crucial moment, with tariffs weighing on the economy and growing pressure from both consumers and the government over affordability. • The company is also in the early stages of an AI transformation that McMillon has said will in some way change every one of the company's 2 million-plus jobs.

Driving the news: Furner, 51, will succeed McMillon, 59, as CEO on Feb. 1. • Furner — a Walmart lifer who joined the company as an hourly associate in 1993 — formerly served as CEO of Sam's Club U.S. and head of marketing for Walmart China. • He's

See Full Page