Jeff Macke connects market behavior with investor psychology and pop culture.
WMT CEO Steps Down
The Future of Walmart without Doug McMillon
By Jeff Macke
November 14, 2025
In an unexpected development, Doug McMillon announced he will step down as CEO of Walmart at the end of January. John Furner, a 30-year veteran of the company and current CEO of Walmart US, will assume the role.
The timing of this announcement is notable, as it arrives just six days before Walmart reports its third-quarter earnings. McMillon, who has served as CEO since 2014, is credited with guiding the company into the modern retail era—growing e-commerce, modernizing operations, and becoming a central figure in American retail.
This seamless transition reflects well on both Walmart’s board and McMillon. Shares of Walmart barely hiccupped on the news, falling about 3% before quickly recovering.
Reflecting on McMillon’s early days, he took over Walmart following labor disputes and other controversies that had damaged the retailer's reputation. Increasing wages and hours initially impacted profits, but this set McMillon apart as a change agent—much needed at a chain that had long dominated the retail industry as the largest retailer since 1989.
Today, Walmart maintains its position as the largest retailer and has also earned a reputation as a great workplace and creative organization. While the 309% gain in share price during McMillon's tenure is impressive, his collaboration with Chairman Greg Penner to compete with rivals like Amazon and Target set the company apart, ensuring Walmart avoided the fate of former industry giants like Sears.
