Walmart announced on Friday that CEO Doug McMillon will retire in January after more than a decade at the helm of the retail behemoth.
He will be succeeded by Walmart U.S. CEO John Furne effective Feb. 1. Furner will also join the company’s Board of Directors on the same date.
McMillon will remain on the Board of Directors until the next annual shareholders’ meeting in June to assist in ensuring a smooth leadership transition. 
“Serving as Walmart’s CEO has been a great honor and I’m thankful to our Board and the Walton family for the opportunity,” McMillon said in a statement, adding that he has worked with Furner for more than 20 years.
“He’s uniquely capable of leading the company through this next AI-driven transformation. He’s a merchant, an operator, an innovator, and a builder. I know that our future is bright with his leadership,” McMillon said.
Furner worked his way from an hourly associate in 1993 to leading Walmart U.S. by 2019, which is nation’s largest private employer encompassing more than 4,600 stores.
This is a developing story. Check back for updates.
