Walmart CEO Doug McMillon is retiring early next year, after overseeing the top U.S. retailer’s transformation into an e-commerce behemoth, the company said Friday in a filing.

The longtime CEO will be succeeded by John Furner, the Walmart U.S. CEO, on Feb. 1, according to the filing.

McMillon, who stepped into the top role at Walmart in February 2014, will officially retire as of Jan. 31. He will continue to serve as an executive officer of the company and be employed by Walmart as an advisor through Jan. 31, 2027.

Furner, 51, has been the CEO of Walmart’s U.S. business since 2019. In that role, he oversees more than 4,600 stores and the largest sector of the company. He started at the company in 1993 as an hourly associate.

The announcement of the CEO transition comes only six days before the retailer is set to report quarterly earnings. Walmart shares were up 13% this year as of Thursday’s close, as the company grows its digital business and wins over more high-income shoppers.

For more than a decade, McMillon, 59, has led the retail giant and overseen the company’s growth as an e-commerce leader. He also oversaw the business during a tumultuous time marked by the Covid pandemic, supply chain disruptions, high inflation and tariff changes.

During his time leading the company, Walmart’s shares have risen nearly 300%. The company’s stock fell more than 2% in premarket trading Friday.

McMillon and Furner have had similar paths to the top role at Walmart. Both began as hourly associates and moved up the ranks at the retail giant, serving in merchandising and operations roles. Both also served as chief executives of its warehouse club, Sam’s Club.

In a statement, Walmart chairman Greg Penner described Furner as “the right leader to guide Walmart into the next chapter of our growth and transformation.”

“After starting as an hourly associate and being with us for over 30 years in a variety of leadership roles across all three of our operating segments, John understands every dimension of our business – from the sales floor to global strategy,” Penner added.

“Serving as Walmart’s CEO has been a great honor and I’m thankful to our Board and the Walton family for the opportunity,” McMillon said in a statement. “I’ve worked with John for more than 20 years. … He’s uniquely capable of leading the company through this next AI-driven transformation.”

Along with Walmart, big-box competitor Target is also poised to get a new leader in early 2026. Target announced last month that Michael Fiddelke, chief operating officer and former chief financial officer, will succeed longtime Target CEO Brian Cornell on Feb. 1.

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