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Walmart CEO Retires: A $1 Trillion Turnaround
11 Feb
Summary
- Doug McMillon led Walmart's resurgence from a poor reputation to a $1T market cap.
- Walmart invested in employee wages and online growth, countering Amazon's rise.
- McMillon advocated for a higher federal minimum wage during his tenure.
Doug McMillon recently retired as CEO of Walmart after a transformative 12-year tenure, during which the company's market capitalization reached $1 trillion. He began his career at Walmart in 1984, starting in a warehouse before ascending to lead the company.
Upon taking the CEO role in 2014, McMillon inherited a company with a tarnished reputation, facing intense competition from Amazon and discount grocers. He initiated a significant turnaround by prioritizing investments in employee wages, increasing the minimum wage to $14 per hour and improving working conditions.
McMillon also strategically focused on e-commerce, investing billions in startups like Flipkart and Jet.com. This move, along with a successful push into online grocery sales, helped Walmart compete more effectively against Amazon and adapt to changing consumer habits.
Throughout his leadership, McMillon was a vocal advocate for a higher federal minimum wage, believing it essential for a healthy middle class. He also engaged in social and political issues, speaking out on topics such as gay rights and gun safety.
His successor, John Furner, a longtime Walmart employee with deep operational experience and a keen understanding of AI, faces the challenge of building on McMillon's successes. The company continues to grapple with the ongoing competition from Amazon and the evolving retail landscape.
