Walmart’s Leadership Shift

Walmart is preparing for a major leadership transition as John Furner steps into the CEO role, succeeding Doug McMillon, who has led the company since 2014. McMillon will step down at the end of January but continue as executive chairman and advisor.

A Decade of Exceptional Stock Performance

Under McMillon’s leadership, Walmart’s stock more than quadrupled, rising 312% since February 2014.

Walmart delivered positive annual returns in 9 of 12 years during his tenure.
Only Amazon and Costco posted stronger returns in the retail sector over the same period.
Walmart far outperformed rivals such as Target, Dollar General, Dollar Tree, Kroger, and Albertsons.

Drivers of Walmart’s Growth

McMillon oversaw one of the most transformative eras in Walmart’s history:

Massive e-commerce expansion, positioning Walmart as a leading online retailer
Significant wage increases for hourly workers
Navigation through:
- COVID-19 pandemic
- Historic inflation periods
- Tariff spikes
Strong revenue growth, rising from $486B in FY2015 to over $681B earlier this year
Walmart is on track to exceed $700B annual revenue for the first time ever

Competitors’ Performance vs. Walmart

Retail & Grocery Rivals

Amazon: +1,225% since 2014 — far outpacing Walmart
Costco: +700%+ during McMillon’s tenure
Target: +60% since 2014, despite sharp pandemic-era gains
Kroger: +265%
Albertsons: +16% since IPO (2020)

Dollar Stores

Dollar Tree: +104%
Dollar General: +85%
Both chains had periods of outperformance but lagged in recent years.

Competitive Shift Ahead

Despite the strong decade, Walmart faces new challenges:

Amazon recently overtook Walmart in quarterly revenue for the first time
Shifting consumer preferences and e-commerce dynamics
Target is undergoing its own CEO transition with Michael Fiddelke taking over

Furner’s Strategic Task

John Furner has been instrumental in Walmart U.S.’s transformation. Now, as incoming CEO, he inherits:

A business that is stronger than ever
Rising revenue momentum
Expanding omnichannel capabilities
But also:
Growing competition
A higher bar for sustained stock performance

Walmart shares remain up ~13% year-to-date, even after the leadership announcement.