In a surprise move, Walmart announced CEO Doug McMillon would retire on Jan. 31, according to the Associated Press.
McMillon took over in 2014, and John Furner, head of Walmart’s U.S. operations, will take over the company on Feb. 1.
Shares for Walmart fell 3% after the announcement.
McMillon’s tenure is known for increasing worker wages, expanding parental leave and launching degree programs for employees. Prices were also lowered under his leadership, while AI was used more for customer and worker experiences.
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Furner began with Walmart in 1993.
