Walmart Inc. announced that Doug McMillon will retire as CEO next year, and that long-time insider John Furner has been named his successor.

Furner is currently CEO of Walmart U.S., and began his career at Walmart as an hourly associate nearly 30 years ago. He has held senior roles in merchandising, operations and sourcing, and previously served as president and CEO of Sam’s Club.

McMillon has served as Walmart’s CEO since 2014, but he will remain employed by the company until January 31, 2027.

Shares of Walmart fell about 3% in pre-market trading following the announcement.

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