BENTONVILLE, AR — Walmart CEO Doug McMillon is set to retire early next year, concluding a transformative 11-year tenure at the helm of the world’s largest retailer. He will be succeeded by company veteran John Furner, the current President and CEO of Walmart U.S.
The announcement marks the end of a significant chapter for Walmart. Analysts note the retirement will send a “small shock wave” through the company, as Neil Saunders, managing director at GlobalData, described McMillon as an “excellent leader and steward” who successfully navigated the retail giant through its most critical period of disruption.
A Legacy of Explosive Growth: McMillon by the Numbers
When McMillon was appointed CEO in 2014, Walmart was facing an existential threat from Amazon and struggling to define its digital future. His tenure was defined by a massive, successful transformation, which is clearly reflected in the data.
David Haigh, CEO of the London-based brand valuation firm Brand Finance, provided metrics showing Walmart’s brand value (a measure separate from market cap) exploded under McMillon:
- Brand Value Growth: Grew from $44.8 billion in 2014 to $137.2 billion today—more than tripling.
- Massive Stock Growth: During his 11-year tenure, Walmart’s (WMT) shares rose by an incredible 310%, significantly beating both the S&P 500 and its retail competitors.
- Brand Strength: The brand now commands a top-tier AAA rating (84.7/100) and ranks as the 5th most valuable brand in the world, ahead of tech giants like Samsung, TikTok, Facebook, and Nvidia.
- Fastest Growing: Walmart is also the fastest-growing of the top five U.S. brands.
How He Did It: The 3 Pillars of Walmart’s Transformation
McMillon’s success was not accidental. It was the result of a multi-billion dollar, three-pronged strategy to evolve the “big box” store into a digital-first, omnichannel powerhouse.
- Winning E-commerce & Grocery (The “Omnichannel” Revolution): McMillon invested billions to fight Amazon, most notably with the $3.3 billion acquisition of Jet.com in 2016. He masterfully leveraged Walmart’s 4,700 U.S. stores as fulfillment hubs, dominating the highly profitable online grocery and curbside pickup market—a space where Amazon still struggles to compete at scale.
- Diversifying into High-Margin Ecosystems: He launched the Walmart+ membership program as a direct competitor to Amazon Prime. More importantly, he built Walmart Connect, the company’s digital advertising arm, into a multi-billion dollar, high-profit business that leverages Walmart’s massive web traffic.
- Rebranding for the Future (Attracting Younger Consumers): As Brand Finance’s Haigh noted, this growth was fueled by private-label expansion (like the Great Value brand) and aggressive discounting combined with a successful rebranding effort aimed at attracting younger, price-conscious consumers (Millennials and Gen Z).
The Cultural Transformation (From “Defensive” to “Innovative”)
Perhaps his most profound impact was cultural. Changing Walmart’s culture wasn’t a luxury—it was a necessity.
“A decade ago… executives were embarrassed to say they worked there, and competitors didn’t see Walmart as a serious strategic threat,” Cole said.
McMillon transformed the company from defensive to innovative. He did this by:
- Investing in People: He initiated multiple company-wide wage hikes and invested heavily in “Walmart Academies” for employee training.
- New Leadership: He “brought in tech-heavy, younger leadership” to break the old mold.
- Investing in Tech: He made it clear that the job description for a retail CEO had permanently shifted toward technology, data, and supply-chain sophistication.
A Big Head Start for Furner
McMillon’s decision to step aside while the company is strong gives his successor, John Furner, an immediate advantage.
“It gives the next CEO a runway… and locks in McMillon’s legacy as the leader who modernized Walmart instead of the one who stayed too long,” Cole added. Furner, who has been instrumental in executing the omnichannel strategy as CEO of Walmart U.S., is perfectly positioned to continue this tech-forward vision.
