President and CEO of the largest U.S. retailer Walmart Doug McMillon, who led the company during a period of large-scale expansion and technological transformation, will resign at the end of January. His place will be taken by John Ferner, who now heads the company's U.S. business (Walmart U.S.), according to its press release.
Ferner will take office on Feb. 1. McMillon will remain on the board until the next annual shareholder meeting to ensure a smooth transition, the statement said.
The retailer's shares were down 2.7% on the news at the New York premarket. They have added 13.5% since the beginning of the year. The company is due to release its quarterly report next week.
McMillon became Walmart's CEO in November 2013. Since then, Walmart shares have quadrupled in value, Axios notes.
The leadership change comes as duties are putting pressure on the U.S. economy and demands for product availability are increasing from both consumers and the government, Axios notes.
This article was AI-translated and verified by a human editor
