Walmart’s departing CEO is preparing for a quieter 2026, and he sounds pretty thrilled about it.
Doug McMillon, 59, has spent the last 40 years at Walmart. For more than 10 years, he’s been at the helm of the company, leading its more than 2 million employees.
In an interview on CNBC’s Squawk Box on Tuesday, McMillon, who will step down as CEO early next year, said he isn’t sure what’s next for him but that he imagines it will involve some combination of business and philanthropy.
And in the short term, he’ll be taking a break.
“I’ve never had a blank calendar, and I have now seen what one looks like in a few months — and it’s kind of exciting,” he said.
McMillon’s resignation last month comes as a wave of retail CEOs have left — or have been pushed out — of their companies in the last year.
According to data from the outplacement firm Challenger, Gray & Christmas, retailers have reported 43 CEO exits year-to-date through October, a 34% increase from the same period last year.
These departures have included big names such Kroger’s former CEO, Rodney McMullen, and Kohl’s former CEO, Ashley Buchanan. Target’s CEO, Brian Cornell, also announced that he’ll be retiring next year.
This pattern has been playing out in the retail sector since the pandemic. The job of retail CEOs has become increasingly challenging as they navigate the disruption of AI, changing consumer behavior, and increasing labor costs.
McMillon said his departure was not driven by a lack of confidence in the company’s future. During his tenure, Walmart’s stock price has climbed 300% and he expects it to continue on that trajectory.
“I don’t know if I am young or I am old,” he said, when asked why he’s departing before he’s turned 60. “When you see somebody who is ready to run the next lap better and faster than you, it is time to hand the baton and get out of the way and just cheerlead.”
John Furner, who will take over the helm in February, has worked his way up the ranks at Walmart since 1993 and met his wife while working there.
