NEW YORK (AP) — Walmart CEO Doug McMillon is planning to retire early next year and his successor has been named. The company made the surprise announcement on Friday about McMillion stepping down on Jan. 31. John Furner, the head of Walmart’s U.S. operations, will take over the next day. Walmart shares fell 3% immediately in premarket trading after the news of the unexpected leadership change. Unlike Amazon’s Jeff Bezos or Tesla’s Elon Musk, McMillon isn’t a household name. But he played a key role in the U.S. economy. Walmart’s performance is a barometer of consumer spending given its size. The company maintains that more than 150 million customers shop on its website or in its stores every week.
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