Walmart CEO McMillon to retire after a decade

John Furner to replace McMillon

- SIDDHARTH CAVALE & JUVERIA TABASSUM

WALMART CEO DOUG McMillon will retire next year after more than a decade at the helm, capping a period when he reshaped the big-box retailer into a technology-driven powerhouse whose shares have consistently outperformed the broader market. McMillon, 59, will be replaced by US division chief CEO John Furner, 51, a veteran with three decades at the company, Walmart said.

Walmart’s shares fell 1.7% in morning trading, in part due to concerns McMillon’s decision to step down came sooner than anticipated, though his tenure at the time of his expected January 31 retirement makes him one of the longest-serving CEOs in company history.“