WASHINGTON (TNND) -- Walmart CEO Doug McMillon is retiring at the end of January, the company announced on Friday.
Walmart's U.S. CEO, John Furner, will be taking over the role on Feb. 1. Furner has been with the company since 1993, working as an hourly associate. He also served as the Sam's Club U.S. CEO.
"He has proven that he can deliver results while living our values," Walmart chairman Greg Penner said in a statement.
McMillon will still be with the company until January 2027 as an advisor and will be on the board until June 2026.
"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. "I've worked with John for more than 20 years. ... He's uniquely capable of leading the company through this next AI-driven transformation."
McMillon is only the fifth person to lead the company, with him taking over the role in 2014.
Walmart's stock has quadrupled since McMillon took over, with the company generating more than $68 billion in revenue.
Walmart has been the largest retailer in America since 1990.