Walmart CEO, 59 year old Doug McMillon, who turned the nation’s largest retailer into a tech-powered giant since taking over in 2014, will retire in January in a surprise move.

John Furner, 51, a longtime insider and head of Walmart’s U.S. operations, will take over, the company said Friday.

Shares fell 3% immediately in premarket trading after the news, which was unexpected.

Since McMillon became CEO in February 2014, annual revenue has grown from $485 billion to $681 billion in its latest fiscal year. Its stock was hovering around $25 when he took over; now it is over $102 per share.

During his tenure, McMillon invested in 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.

Unlike Amazon's Jeff Bezos or Tesla's Elon Musk, McMillon isn't a household name, but he played a key role in the U.S. economy. Walmart's performance serves as a barometer of consumer spending given its size and vast customer base.

McMillon’s retirement is effective Jan. 31, 2026. Furner will start as CEO the next day.