Walmart announced Friday longtime executive John Furner will succeed Doug McMillon as president and chief executive officer of Walmart Inc., marking a major leadership transition at the world’s largest retailer.

Furner, 51, currently president and CEO of Walmart U.S., was also elected to the company’s board of directors, effective immediately. He will assume the top role on Feb. 1, 2026.

McMillon, 59, who has led Walmart since 2014, will officially retire on Jan. 31, 2026, though he will remain on the board until the next annual shareholders’ meeting and serve as an advisor to Furner through Jan. 31, 2027.

Walmart Chairman Greg Penner said the Board’s choice reflects Furner’s deep institutional knowledge and track record across the company’s global operations.

“John Furner is the right leader to guide Walmart into our next chapter of growth and transformation,” Penner said. “After starting as an hourly associate and being with us for over 30 years, John understands every dimension of our business. He has proven that he can deliver results while living our values.”

Penner also thanked McMillon for what he described as a decade of sweeping evolution for the company.

“Doug led a comprehensive transformation by investing in our associates, advancing our digital and eCommerce capabilities, and modernizing our supply chain,” Penner said. “He leaves Walmart stronger, more innovative, and better aligned with our purpose to help people save money and live better.”

McMillon reflected on his tenure and voiced confidence in the company’s future under Furner’s leadership.

“Serving as Walmart’s CEO has been a great honor. I’m incredibly proud of what our associates accomplished,” McMillon said. “I’ve worked with John for more than 20 years. His curiosity and digital acumen will enable him to take us to the next level. He’s uniquely capable of leading the company through this next AI-driven transformation.”

Furner, who began his Walmart career in 1993 as an hourly associate, said he is grateful for the Board’s trust and for McMillon’s mentorship.

“I am deeply honored by the trust the Board and family have placed in me to lead Walmart,” he said. “As we enter a new retail era fueled by innovation and AI, our purpose and our people will continue to guide us. Together, we’ll find new ways to serve customers, support our associates, and strengthen the communities we call home.”

Furner has led Walmart U.S. since 2019, overseeing more than 4,600 stores, and previously served as President and CEO of Sam’s Club U.S. His career includes leadership roles in merchandising, operations, sourcing, and international assignments. Within Walmart, he is widely known for championing employee development, digital innovation, and operational excellence.