Walmart said today that CEO Doug McMillon would retire next year and that U.S. CEO John Furner would succeed him as the retailer’s top boss.

Shares of the company fell about 3% in premarket trading.

McMillon, 59, who has been heading the retail bellwether since 2014, will retire in January next year, but continue to be employed as an adviser of the company through January 31, 2027, Walmart said. The Bentonville, Arkansas-based retailer’s stock has risen 323% since he took over, outperforming the S&P 500 index.

“Doug McMillon has been a terrific CEO, leading Walmart’s transformation into an even bigger and stronger retail powerhouse fueled by technology,” said Joseph Feldman, an analyst with Telsey Advisory Group. “John Furner is the logical choice to be the next CEO. He is a lifer at Wa

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