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Walmart CEO Doug McMillon will retire next year after more than a decade in charge of one of the world’s largest retailers.

John Furner, the chain’s boss in the US, will succeed McMillion as the Bentonville, Arkansas-based grocery retailer’s global CEO after 31 January.

Shares in Walmart fell about 3% during premarket trading.

Walmart employs 2.1 million workers across the world, including about 1.6 million in the US. With a stock market value of about $800bn, it generated sales of $681bn last year – up 5.1% on the previous year.

As CEO of the retail company, McMillon, 59, became one of the most influential executives in corporate America.

On his watch, Walmart, which has more than 10,000 stores across the world, invested heavily in e-commerce – maintaining its dominance over the retail sector, as more consumers shopped online. It also built a fast-growing advertising business, and sold the British grocery chain Asda in a £6.8bn deal in 2020.

McMillon’s exit at Walmart is the latest in a string of leadership changes sweeping through the US retail sector as companies tackle tariff pressures, an uncertain economy and choppy consumer spending backdrop. Target also named insider Michael Fiddelke as its new CEO earlier this year.

Furner, 51, joined Walmart as an hourly associate around three decades ago, and has held leadership roles across merchandising, operations and sourcing, the company said. He has also served as president and CEO of Sam’s Club.

McMillon, who has been heading the retail bellwether since 2014, will retire in January next year, but continue to be employed as an adviser until early 2027, Walmart said.

“Our family and Board have stated many times that Doug was uniquely qualified to be CEO at the necessary time for Walmart,” said Greg Penner, chair of Walmart. “He leaves Walmart stronger, more innovative, and better aligned with our purpose to help people save money and live better.”

The company reports quarterly results next week.

Reuters contributed reporting