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Retail

Walmart CEO Plans To Stay In Role For At Least Three More Years

By Reuters
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Walmart CEO Plans To Stay In Role For At Least Three More Years

Walmart chief executive Doug McMillon, 56, plans to helm the country's largest retailer for at least three more years as the US company continues work to identify a successor, the Wall Street Journal has reported.

McMillon's plans to stay in the role for more than a decade will extend the company's timeline for finding its next leader, the report added, citing people familiar with the matter.

Walmart did not immediately respond to a Reuters request for comment.

The WSJ said Kathryn McLay, 49, the head of Walmart warehouse chain Sam's Club, is also among those seen as potential candidates.

Read More: Walmart Cautious On Economy, Forecasts Earnings Below Estimates

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Economic Outlook For This Year

Walmart last week struck a cautious note in its economic outlook for 2023 as the retail bellwether forecast full-year earnings below estimates and warned that tight spending by consumers could pressure profit margins.

Higher U.S. consumer price sand loftier costs for rental housing and food have raised fears among executives that the U.S. Federal Reserve could further lift borrowing costs to cool domestic demand, leading to an economic downturn in the second half of the year.

Walmart forecast earnings of $5.90 to $6.05 per share for the year through January 2024, below analysts' estimates of $6.50 per share, according to Refinitiv IBES data, as the company continues to battle price hikes from many of its product suppliers.

The forecast includes a 14-cent estimated impact from an accounting charge related to moderating inflation in key merchandise categories and reduced inventory levels at its Walmart U.S. and Sam's Club business, the company said.

News by Reuters, edited by by ESM – your source for the latest retail news. Click subscribe to sign up to ESM: European Supermarket Magazine.

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