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Walmart Inc. (WMT) C. Douglas McMillon resigning; John R. Furner replacing C. Douglas McMillon resigning at 2026 AGM; John R. Furner elected

Doug McMillon will retire as CEO effective January 31, 2026. 

John Furner will formally become President & CEO on February 1, 2026.

John started as a part-time associate in 1993, has led merchandising, operations, sourcing, and was previously CEO of Sam’s Club. Since 2019, he’s been President & CEO of Walmart U.S., overseeing Walmart’s U.S. operations

John is being added to Walmart’s Board of Directors immediately. 

Doug will remain on the board through Walmart’s next annual shareholders meeting (June 2026). He’ll also serve as an advisor to John through the end of fiscal year 2027.

He’ll earn a base of $1.5M/year, and his restricted/performance stock awards will continue vesting through Jan 31, 2027 if he remains employed. 

His non-compete obligations are extended through January 31, 2029, per the new agreement.

Tracking Noteworthy 8-Ks since October 8th:

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OpenAI says Larry Summers has decided to resign from board of directors

Larry Summers announced he is resigning from OpenAI’s board of directors. 

OpenAI’s board publicly said they “respect his decision” and thanked him for his service. 

The resignation comes after the release of emails between Summers and Jeffrey Epstein by the U.S. House Oversight Committee. 

In those emails, Summers corresponded in a friendly way with Epstein—even seeking personal / romantic advice.