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Walmart announced Friday that its longtime CEO Doug McMillon will retire at the end of January — which came as a surprise to some given the company’s success in a rapidly evolving retail landscape.

John Furner, Walmart’s U.S. CEO, will assume the role of overall CEO on Feb. 1, the company said. McMillon will continue to serve in an executive and advisory role through Jan. 2027.

McMillon, 59, has held the top job since 2014 and is only the fifth person to lead the storied company in its 63-year history.

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

America’s retail landscape continues to rapidly evolve as consumer spending shows increasing signs of bifurcating between wealthier households and everyone else. However, Walmart’s results have held steady — and has been justly rewarded by investors, who have sent its shares some 13% higher in 2025. Over the course of McMillon’s tenure, its shares are up some 300%.

On Walmart’s most recent earnings call, in August, McMillon indicated the company has been able to withstand the broader pressures facing consumers, noting its shoppers’ “behavior has been generally consistent. We aren’t seeing dramatic shifts.”