When Walmart CEO Doug McMillon announced Friday that he plans to retire in January after 12 years on the job, he joined a growing wave of retail executives stepping down during a record year of turnover.
Retail leader turnover is up 79% year over year, according to a report released by the business and executive coaching firm Challenger, Gray & Christmas, which included an analysis of executive departures through September.
Between January and September 2025, 43 retail CEOs had left their posts, compared to 24 CEO exits recorded during the same timeframe in 2024. The firm’s findings were published on November 4, before McMillon announced his resignation.
McMillon will be succeeded on February 1 by John Furner, the head of Walmart’s US division.
Other high-profile retail CEOs who have left their posts this year include former Kroger CEO Rodney McMullen, who Business Insider previously reported resigned in March after an investigation into his “personal conduct,” as well as former Kohl’s CEO Ashley Buchanan, who was fired in May, just months after being appointed to the role, after investigators found he had given favorable business deals to a close acquaintence.
Satish Malhotra, CEO of The Container Store, resigned in March after the company’s restructuring. Vivek Sankaran, CEO of Albertsons, retired in May, following the company’s merger attempt with Kroger. Target CEO Brian Cornell announced in August that he plans to retire in February.
CEO turnover is lower outside the retail sector, with September marking the fourth consecutive month in which CEO exits across industries were lower than in the corresponding month one year earlier, according to the Challenger report.
Leaders in the retail industry are facing increased pressure to perform as the sector navigates high tariffs, rising labor costs, and shifting consumer behavior, leading to slowing sales.
With several retail leaders announcing retirements effective early next year, the sector’s leadership shake-up shows little sign of slowing heading into 2026.
