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(Sharecast News) - Walmart shares dipped on Friday as it announced that chief executive Doug McMillon will retire at the end of January after more than a decade in the job.
John Furner will succeed McMillion, who will remain on the board of directors until the next annual shareholders' meeting and help ensure a smooth transition.
Furner has served as president and CEO of Walmart US since 2019, overseeing 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.
McMillon said: "Serving as Walmart's CEO has been a great honour and I'm thankful to our board and the Walton family for the opportunity. I'm incredibly proud of what our associates accomplished and deeply grateful for their commitment to our customers, to each other and to the communities we serve. Thank you, everyone!
"I've worked with John for more than 20 years. His love for our associates and this company runs deep. His curiosity and digital acumen combined with a deep commitment to our people and culture will enable him to take us to the next level. 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."
At 1400 GMT, the shares were down 2.4% at $99.99.
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