Doug McMillon, who has led Walmart for more than a decade and driven its transformation in commerce power, will succeed John’s offer, continuing long-serving sales leaders and internal promotions.
Walmart shares fell more than 1 percent today (Nov. 14) in response to the news. McMillon, 59, will end a 40-year career at the company, having taken the top job in 2014 after leading Walmart International and Sam’s Club. To ensure a smooth transition, he will remain as a consultant until 2027.
Funer, 51, will take up the role in February. Like McMillon, he spent decades at Walmart, starting as an hourly associate in the 1990s before becoming CEO of Sam’s Club. He is currently the CEO of Walmart US, overseeing the company’s 4,600 stores across America.
The factor will inherit the top bar. Under McMillon, Walmart’s share price rose more than 300 percent. McMillon “was the right fit to be CEO at the right time for Walmart,” Greg Penner, the company’s chairman, said in a statement. “Doug has led a complete transformation by investing in our partners, developing our digital and e-commerce capabilities, and modernizing our sales, resulting in continued financial performance.”
Facing the rise of Amazon, McMillon made a decisive push in the field of online shopping. Walmart placed its investment in technology and acquired jet.com for $ 3 billion in 3 years.
McMillon also made a big bet for Walmart employees. Ten years ago, he launched a 7.7 billion plan to increase wages and development programs, which aims to make a walmart of people – the first company. The strategy paid off: Starting salary increased by 93 percent, and 3.5 million associates participated in skills training through Walmart’s development programs.
Five CEOs in Walmart’s 63-year history
Funer will be Walmart’s sixth CEO in its 63-year history. Walmart’s first store opened in Roger’s, Ark.
Walton was succeeded by David Glass, who spent 12 years emphasizing food products and expanding the Sam’s Club Membership program. Lee Scott followed in 2000, spending eight years introducing sustainability efforts and strengthening international operations. He was succeeded in 2008 by Mike Duke, who continued Walmart’s global expansion and pushed the retailer deeper into foreign markets until entering 2014.
Walmart’s next phase will be a critical factor in the management structure. The retailer is navigating a volatile economic environment created by the Trump Administration’s deceitful policies, which have already forced Walmart out of Walmart. Fennett will also be responsible for guiding walmart in the era of AI, as the company expands its use of this technology in employee training, the provision of various temples, and various internal and consumer tools.
“Serving as Walmart CEO has been an honor and I am grateful to our Board and our Walton family for the opportunity,” McMillon said in a statement. Noting that he has worked alongside the fan for more than two decades, the outgoing CEO praised his successor as “the one who can lead the company through this next AI-driven revolution.”
