ISTANBUL

US retail giant Walmart announced Friday that CEO Doug McMillon will retire in Jan. 2026, after leading the retailer for nearly 12 years.

A statement from Walmart said John Furner will take over as CEO on February 1, replacing the longtime leader.

Since 2019, Furner, 51, has led Walmart's US division as CEO, in charge of the company's largest division with nearly 4,600 locations.

Furner is "the right leader to guide Walmart into the next chapter of our growth and transformation," according to a statement made by Walmart Chairman Greg Penner.

“After starting as an hourly associate and being with us for over 30 years in a variety of leadership roles across all three of our operating segments, John understands every dimension of our business—from the sales floor to global strategy,” Penner noted.

McMillon, 59, has been in charge of the retail giant and its development as a pioneer in e-commerce for more than a decade. Additionally, he managed the company amid a turbulent period characterized by supply chain interruptions, tariff revisions, and the COVID-19 epidemic.

Walmart's stock has increased by about 300% during his tenure. During Friday's premarket trade, the company's stock dropped more than 2.7%.

“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. “I’ve worked with John for more than 20 years. ... He’s uniquely capable of leading the company through this next AI-driven transformation."