NEW YORK (AP) — Walmart CEO Doug McMillon, who turned the nation’s largest retailer into a tech-powered giant since taking over in 2014, will retire in January in a surprise move.

John Furner, 51, a longtime insider and head of Walmart’s U.S. operations, will take over, the company said Friday. Shares fell 3% immediately in premarket trading after the news, which was unexpected. McMillon is 59 years old.

McMillon’s retirement is effective Jan. 31, 2026. Furner will start as CEO the next day.

During McMillon’s tenure as CEO, he invested heavily in its workers by increasing wages, expanding parental leave and launching a program for certificates or degrees for employees seeking education opportunities. Walmart has also lowered its prices and embraced technology like artificial intelligenc

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