Doug McMillon, 59, who’s been Walmart’s CEO since 2014, will retire in January, the company announced Friday. The surprising move sent the retail giant’s shares down 3 percent. John Furner, 51, a veteran at the company and head of U.S. operations, will take over in February, the company said. McMillon will retire Jan. 31, with Furner starting as CEO the next day. During McMillon’s time at the company, which is worth more than $800 billion as of Nov. 14, he raised wages, expanded parental leave, and launched a program for employees to earn certificates or college degrees. “Over more than a decade as CEO, Doug led a comprehensive transformation by investing in our associates, advancing our digital and e-commerce capabilities, and modernizing our supply chain, resulting in sustained, robust financial performance,” said Walmart chairman Doug Penner, who is the son-in-law of the firm’s late founder, Sam Walton. “He leaves Walmart stronger, more innovative, and better aligned with our purpose to help people save money and live better.” Walmart’s annual revenue has grown from $485.7 billion to $681 billion since McMillon, who got his start at the company unloading trailers as a teenager, took the helm in February 2014.
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