John Furner (left) is set to succeed Doug McMillon (right) as Walmart's CEO.

Walmart CEO Doug McMillon will retire in January 2026, the retail giant announced on Nov. 14.

John Furner, the current president and CEO of Walmart's U.S. division, will succeed McMillon.

"Our family and Board have stated many times that Doug was uniquely qualified to be CEO at the necessary time for Walmart," said Greg Penner, Chairman of Walmart Inc., in a news release.

McMillon, 59, has served in the post since 2014. He will retire on Jan. 31, 2026, and Furner will take over as CEO on Feb. 1, 2026.

The announcement comes before the company is slated to release its quarterly earnings on Nov. 20. In the second quarter of the year, Walmart topped sales estimates, but missed adjusted earnings per share forecasts for the first time since May 2022.

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McMillon, who first worked at Walmart as an hourly associate in 1984, was appointed president and CEO in 2014 after serving in the same role for Walmart International.

He will remain on the company's board of directors until its next annual shareholders' meeting in June to "help ensure a smooth transition," the company said. After that, McMillon will stay on as an advisor to Furner until Jan. 31, 2027.

"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.

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Furner, who is set to start as CEO on Feb. 1, 2026, has also been appointed to Walmart's board of directors, effective immediately.

The 51-year-old has served as president and CEO of Walmart U.S. since 2019, overseeing the company’s largest operating segment. He began his Walmart career as an hourly associate in 1993 and previously served as president and CEO of Sam’s Club U.S.

“After starting as an hourly associate and being with us for over 30 years in a variety of leadership roles across all three of our operating segments, John understands every dimension of our business – from the sales floor to global strategy," said Greg Penner, chairman of Walmart Inc., in a statement.

Furner said he was "deeply honored by the trust the Board and family have placed in me to lead Walmart, a company that has shaped my life and so many others."

"As we enter a new retail era fueled by innovation and AI, our purpose and our people will continue to guide us," Furner said.

Melina Khan is a national trending reporter for USA TODAY. She can be reached at melina.khan@usatoday.com.

This article originally appeared on USA TODAY: Walmart CEO Doug McMillon to retire after more than a decade in role

Reporting by Melina Khan, USA TODAY / USA TODAY

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