Walmart CEO Doug McMillon takes part in a CEO discussion with U.S. President Donald Trump in 2017. McMillion will retire and be replaced by current Walmart U.S. CEO John Furner.

Walmart WMT-N said on Friday that CEO Doug McMillon would retire next year and that insider John Furner would succeed him as the retailer’s top boss.

Shares of the company fell about 3 per cent in premarket trading.

The move is the latest in a string of leadership changes sweeping through the retail sector as companies tackle tariff pressures, an uncertain economy and choppy consumer spending backdrop. Target also named insider Michael Fiddelke as its new CEO earlier this year.

Furner currently serves as CEO of Walmart U.S. He joined Walmart as an hourly associate around three decades ago, and has held leader

See Full Page