BENTONVILLE, Ark. — The CEO of Walmart has announced his retirement and his replacement has already been selected.

The company announced on Friday that Doug McMillon, who has been with the retailer for 15 years, will retire and will be replaced by John Furner.

Furner is currently the president and CEO of Walmart U.S.

The leadership change will be effective Feb. 1, but Furner was already placed on the board of directors effective immediately. McMillon will remain on the board until the next annual shareholders’ meeting. He will also remain as an advisor for Furner through the 2027 fiscal year.

“John Furner is the right leader to guide Walmart into our next chapter of growth and transformation,” Walmart chairman Greg Penner said in a news release. “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. He has proven that he can deliver results while living our values. John’s six-year leadership of our Walmart U.S. business during a time of rapid change, marked by digital acceleration and strong associate engagement, has positioned us for continued success."

Furner has also served as the president and CEO for Sam’s Club, the company said.

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