Doug McMillon, who has led Walmart for almost 12 years as CEO, plans to retire in January from the retail giant that's one of the world's largest occupiers of commercial property.
The discount chain, with roughly 11,000 stores worldwide, announced on Friday that McMillon's last day will be on Jan. 31. He's scheduled to be succeeded by John Furner, president and CEO of Walmart U.S., on Feb. 1.
Furner, 51, is set to take over a company that operates more than 10,750 stores in 19 countries, 4,606 of which are in the United States. Recently, Walmart has been buying malls and shopping centers, part of a trend as chains look to secure space in a tight retail market.
The 59-year-old McMillon has served as Walmart CEO and president since 2014. He's guided the chain through the expansion of its grocery business and distribution network as it developed its online platform to counter e-commerce behemoth Amazon. He will continue as an adviser to the retailer for the next year, Walmart said.
"His tenure has been marked by incredible growth," said Allyson Park, Walmart chief communications officer and senior vice president, in a social media post on LinkedIn. During McMillon's tenure as CEO, Walmart's stock market value has risen from roughly $250 billion to about $825 billion, she added.
In its hometown of Bentonville, Arkansas, Walmart is building what it calls its New Home Office, a multibillion-dollar expansion of its 350-acre headquarters.
Furner has served as president and CEO of Walmart U.S. since 2019. He oversees the company's largest operating segment and its more than 4,600 stores. He began his Walmart career as an hourly associate in 1993 and has held leadership roles across merchandising, operations and sourcing.