Walmart chief executive Doug McMillon will retire from his post in January, handing over the reins to a longtime deputy.

The 59-year-old is stepping down after more than a decade at the helm of America’s largest retailer, a period when it successfully expanded its online operations, while scaling back riskier international units.

He will be succeeded by John Furner, a Walmart lifer who worked his way up from the shop floor and now serves as head of the company’s US business.

The change comes as the retailer has experienced solid growth, despite uncertainty generated by new tariffs and signs of slowing consumer spending.

Walmart chairman Greg Penner said Mr McMillon had left the company in a stronger position than when he started in the role in 2014, when the rise of e-commerce had put the firm on the defensive.

“Doug led a comprehensive transformation by investing in our associates, advancing our digital and eCommerce capabilities, and modernising our supply chain, resulting in sustained, robust financial performance,” he said in a statement announcing the plans.

Mr McMillon will remain an adviser to Mr Furner and continue to serve on the board of the company through June 2026 to help with the transition, the company said.

Mr McMillon said in a statement that it had been a “great honour” to serve as chief executive, while praising 51-year-old Mr Furner as “uniquely capable of leading the company through this next AI-driven transformation”.

Shares in the firm, which are up about 14% this year, fell about 2% in opening trading as investors reacted to the news.