MW Who is John Furner, Walmart's new CEO?

By Bill Peters

Furner started at Walmart in 1993, and currently oversees the most important segment of the company's business. 'His mandate is clear, in our view: innovate and accelerate,' one analyst says.

John Furner speaks onstage during the Semafor World Economy Summit in Washington on Oct. 15.

Starting in February, Walmart Inc. will have a new chief executive, John Furner - a three-decade-plus veteran at the big-box giant who analysts say is likely to keep what worked for the company over the past decade, but who is also ready to lead it through retail's new era of artificial intelligence.

The leadership change, announced Friday, will come after Walmart $(WMT)$, under CEO Doug McMillon's nearly 12-year tenure, grew into a tech and e-commerce giant able to go head-to-head with Amazon.com Inc. (AMZN) and became a bigger destination for shoppers seeking a breather from inflation.

While analysts expressed confidence in the move, some debated how much of a surprise the changeover was for investors, as shares of Walmart slipped less than 0.1% on Friday. Investors could get a chance to learn more about what lies ahead for the company under new leadership when the retailer reports third-quarter earnings on Thursday.

"Though Furner has big shoes to fill, the CEO change is also seen by Wall Street as the modernization of the company," Andrew Rocco, a stock strategist at Zacks, told MarketWatch.

"His mandate is clear, in our view: innovate and accelerate," Jefferies analyst Corey Tarlowe said in a research note Friday.

Furner's career at Walmart began in 1993, as an hourly worker at Store 100 in Bentonville, Ark. He then took on an array of roles, as listed in this order in his company bio: Assistant store manager, store manager, district manager, buyer, regional general manager, divisional merchandising manager, vice president of global sourcing, and general merchandise manager. He was also head of marketing and merchandising for Walmart China, and the chief merchant for Sam's Club U.S.

Furner, 51, is currently the president and chief executive officer of Walmart U.S. - a role he has held since 2019, and which Rocco deemed "the most important job at the company." In that position, Furner oversees more than 1.5 million employees at more than 4,600 stores. Walmart's U.S. business comprises more than two-thirds of its sales.

Over that period, Furner helped navigate that segment through the pandemic, global supply shocks, a spike in prices, new tariffs and enduring consumer caution. U.S. sales also surged over that time, and the segment expanded its e-commerce infrastructure and advertising business, while drawing more higher-income customers.

"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," Greg Penner, Walmart's chairman, said in a statement Friday.

Walmart said that its board had elected Furner to succeed McMillon as the company's president and CEO, a move that takes effect Feb. 1. Furner was also elected to Walmart's board. McMillon will retire on Jan. 31, but will stay on the retailer's board until its next yearly shareholder meeting, the company said.

BofA analysts on Friday said the timing of the leadership change put a finer point on Walmart's confidence in the business overall, adding that they expected no big changes in strategy. Tarlowe said that Furner was the "logical successor" to McMillon, and praised the progress Furner made overseeing Walmart's U.S. business.

"Under his leadership, Walmart U.S. emphasized digital acceleration, associate engagement, and achieved a major milestone - turning e-commerce profitable in the U.S.," Tarlowe wrote.

"His collaborative leadership style and operational expertise make him well equipped to take Walmart even further from a sales and profitability perspective, particularly as the company navigates an AI-driven retail transformation," he added.

Walmart last month said that customers would soon be allowed to buy things at the retailer through ChatGPT, OpenAI's artificial-intelligence chatbot. While concerns persist about an AI bubble, analysts said the move would help Walmart stand out.

As consumers struggle with inflation and worries about tariffs, Walmart, Amazon and Costco Wholesale Corp. $(COST)$ have used their size and leverage with suppliers to more aggressively compete on prices and attract shoppers.

Those retailers' gains have come at the expense of Target Corp. (TGT), which on Feb. 1 will also get a new CEO, Michael Fiddelke - who, like Furner, is also a company veteran. However, Wall Street was less enthusiastic about the change at Target, and analysts said the move didn't carry the same jolt as an outside hire.

Rocco noted that investors rarely welcome unexpected CEO changes. But he said that Furner's experience, in this case, was a strength, adding that bringing in an outsider risked getting in the way of what Walmart was currently doing well.

"Because of the size and complexity of Walmart's business, hiring a CEO from outside of the company would lead to challenges and would require a long time to get comfortable, likely disrupting momentum," he told MarketWatch.

Justin McAuliffe, a research analyst at Gabelli Funds, said in emailed commentary that Walmart's CEO announcement may have surprised some investors. While he noted McMillon, at 59, was still young for a retiring chief executive, he said he didn't find the CEO transition all that unusual.

"Doug was appointed CEO in early 2014, so he has served as CEO for more than a decade," McAuliffe said. "The previous three CEOs before Doug served between five years and 12 years. Only Sam Walton, the founder and original CEO, served for much longer than Doug.

"It looks like Walmart likes to groom future leadership through serving as CEO of Sam's Club and then CEO of either Walmart U.S. or International, so John has followed a proven path to being named CEO," he added.

Neil Saunders, managing director at GlobalData, also said in an email that McMillon's retirement would likely "send a small shockwave" through Walmart given his well-regarded stewardship of the chain, and said the departing CEO's understanding of the company and its customers would be missed.

"Fortunately for Walmart, it has a strong leader waiting in the wings in the shape of John Furner," Saunders said. "Furner has demonstrated his capabilities by overseeing the success of the U.S. business - Walmart's biggest operational entity. He also understands the philosophy of Walmart and how to use this for commercial advantage.

"Walmart will start life under its new CEO in a very good state," he added.

As of Friday's close, Walmart's stock was up 13.4% this year to date.

-Bill Peters

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November 15, 2025 08:30 ET (13:30 GMT)

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