Walmart CEO Doug McMillon announced he's stepping down next year. Rick T. Wilking/Getty Images New York —

Walmart’s run as America’s largest retailer appeared to be in jeopardy when Doug McMillon became Walmart’s chief executive 11 years ago.

Walmart’s business was struggling, its public image was reeling from a bribery scandal in Mexico that reached top leaders, and protesters rallied outside stores nationwide over low pay and working conditions. “Walmart is falling apart before our eyes,” one analyst said .

But today, Walmart has never been stronger. The company’s stock recently hit all-time highs. Sales are surging, even as rivals such as Target, Home Depot and others slump. And Walmart raised wages and expanded benefits, becoming a business school case study on employ

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