Walmart CEO Doug McMillon is set to retire in January. Walmart made the announcement on Friday morning.

Walmart announced head of U.S. operations John Furner will take over.

McMillon will retire on Jan. 31, 2026, but will remain on the board of directors until Walmart's next shareholders meeting, according to the company.

During McMillon's tenure as CEO, he invested heavily in its workers by increasing wages, expanding parental leave and launching a program for certificates or degrees for employees seeking education opportunities. Walmart has also lowered its prices and embraced technology like artificial intelligence to improve customer and worker experiences.

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