Walmart on Friday said CEO Doug McMillon, who started his career with the retailer as an hourly worker and who has led the company since 2014, will retire in January.

McMillon, 59, will step down as CEO on Jan. 31 but remain on the retailer's board of directors until its annual shareholders' meeting. John Furner, who has served as president and CEO of Walmart U.S. since 2019, will take over as chief executive on Feb. 1.

McMillon oversaw an expansion of tech-based initiatives at Walmart, such as investing in e-commerce and artificial intelligence, while also increasing wages and benefits for Walmart's 2.1 million workers. Under his tenure, Walmart's shares surged more than 300%, buoyed by rising sales and profitability.

"McMillon is very highly regarded by investors and helped the compan

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