WALMART CEO TO RETIRE AFTER A DECADE

CEO Doug MeMillon 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.

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McMillon, 59, will be replaced by U.S. division chief CEO John Furner, 51, a veteran with three decades at the company, Walmart said. Walmart’s shares cut earlier losses to trade down about 0.6%. McMillon’s decision to step down came sooner than anticipated, though his tenure at the time of his expected Jan. 31 retirement makes him one of the longest-serving CEOs in company history.