There’s a new sheriff in Bentonville.

Today, Walmart announced that John Furner will become the company’s new CEO and president, effective February 1 next year, succeeding longtime boss Doug McMillon, who is retiring.

McMillon has been at the helm of the retail giant since 2014. Prior to becoming CEO, he led Walmart’s international division for four years, after leading Sam’s Club, a Walmart subsidiary, between 2005 and 2009.

“Serving as Walmart’s CEO has been a great honor and I’m thankful to our Board and the Walton family for the opportunity,” McMillon said in a statement Friday.

Why is McMillon retiring?

“This is the right time to retire because the company’s in such great shape, and John is more than ready to lead this company through another set of transformations,” McMillon sai

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