Walmart Inc. (NYSE:WMT) shares traded lower Friday after the retailer detailed a planned chief executive transition.
• Get the complete picture on WMT stock here.
In a new SEC filing, Walmart said longtime President and Chief Executive Officer C. Douglas McMillon will step aside as CEO.
He will leave the top job on Jan. 31, 2026, and shift into an executive advisory role.
McMillon plans to remain an executive officer and associate through Jan. 31, 2027. He will also stay on the board until the June 2026 annual meeting.
Board Elevates Walmart U.S. Chief
The board chose John R. Furner to succeed McMillon as president and CEO effective Feb. 1, 2026.
Furner, 51, joined Walmart in 1993 as an hourly worker and rose through merchandising, operations and sourcing roles.
He currently leads Walmart U.S., the company's largest segment, and previously ran Sam's Club as chief executive. Walmart said any pay changes tied to his promotion will follow normal Compensation and Management Development Committee processes.
McMillon Signs New Agreement
A separate agreement outlines McMillon's post-CEO pay and extended noncompete terms.
Beginning Feb. 1, 2026, he will earn $1.5 million annually and lose eligibility for the Management Incentive Plan.
His restricted stock and performance awards will keep vesting through Jan. 31, 2027, if he stays employed.
Walmart will also accelerate specific share grants that had been scheduled to vest in January 2028.
The revised agreement extends his noncompete obligations through Jan. 31, 2029, and lengthens non-solicitation protections as well.
Related-Party Disclosure Involves Furner Relative
The filing also referenced Jason Turner, a Walmart U.S. management associate and Furner's brother-in-law.
Turner received salary, incentive pay, benefits and restricted stock units during fiscal 2025 consistent with internal compensation practices.
He remains an associate and could earn similar or higher compensation during fiscal 2026, Walmart said.
WMT Price Action: Walmart shares were down 2.42% in the premarket session, trading at $100.04 at the time of publication on Friday, according to Benzinga Pro.
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