Walmart’s longtime chief executive Doug McMillon revealed on Friday that he will step down in January, ending a 12-year tenure and adding his name to an expanding list of retail leaders leaving their roles during a year marked by unusually high turnover.
According to new data from the executive coaching and consulting firm Challenger, Gray & Christmas, CEO departures across the retail sector have surged nearly 80% compared to last year. Their report, which examined exits from January through September, found that 43 chief executives left retail companies this year, up from 24 during the same period in 2024.
The findings were released on November 4 — before McMillon’s retirement announcement — meaning the final tally for 2025 is on track to climb even higher. McMillon will officially hand the reins to John Furner, currently the head of Walmart’s U.S. operations, on February 1.
A series of major retail brands have undergone leadership changes in recent months. Former Kroger CEO Rodney McMullen resigned in March following an investigation into his personal conduct. Kohl’s removed its CEO Ashley Buchanan just months into his appointment after investigators determined he approved preferential business arrangements for an associate. Satish Malhotra exited The Container Store in March amid corporate restructuring, while Albertsons CEO Vivek Sankaran retired in May as the company pursued a merger with Kroger. Target’s Brian Cornell added to the list when he announced his upcoming February retirement earlier this year.
Outside the retail industry, CEO turnover has been trending downward. September marked the fourth straight month in which executive exits across all sectors fell compared to the prior year, the Challenger report said.
The wave of departures underscores the intense pressure facing retail executives. Companies continue to wrestle with elevated tariffs, higher labor expenses, and unpredictable shifts in consumer spending — challenges that have slowed sales and increased scrutiny on leadership.
With several retirements set to take effect early next year, the retail sector’s executive shake-up shows no indication of easing anytime soon.
