Walmart CEO McMillon plans for three more years

The chief executive officer of Walmart has reportedly said that he intends on remaining in the role for at least three more years.

According to the Wall Street Journal, Doug McMillion, who has been with the US supermarket since he was in high school, plans to extend his tenure as chief exec to over a decade. McMillon was promoted to the top job in 2014.

The reported news affords Walmart an extended timeline in which to appoint a successor. The company has in recent years promoted a number of execs to senior roles who could feasibly succeed McMillon. These include US chief executive officer John Furner, international CEO Judith McKenna, and Sam's Club boss Kathryn McLay.

Wallmart's founding Walton family – which remains as its biggest shareholder with 47 per cent of the stock and three board seats – will play a pivotal role in finding McMillon's eventual replacement. After founder Sam Walton stepped down in 1988, the company has historically appointed its chief exec from within the company, with each boss having spent a significant period of time at the business.

Walmart published its 2023 economic outlook last week with a cautious tone in light of tight spending by consumers which has been informed by the ongoing cost-of-living crunch and grocery inflation. The extended tenure of McMillon is also an indication that the company is looking for stability during what is the most uncertain economic period since the 2008 financial crisis.

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