Two weeks before a planned CEO transition, Walmart announced an executive reshuffle that includes the departure of Kathryn McLay, effective January 31. The company stated McLay will stay through the first quarter, “to help ensure a smooth transition.”
Current CEO Doug McMillon will hand the top role to John Furner in about two weeks. Taking Furner‘s role as Walmart US CEO will be David Guggina, who now oversees all US e-commerce operations.
Walmart shares slipped roughly 2% on Friday after the announcement. The stock had reached an all-time high of $120 on Tuesday and was trading just above $119.
Walmart is also set to join the Nasdaq-100 Composite as part of an upcoming index change. Analysts at BTIG said the company’s integrated strategy is “delivering value”, initiating a buy rating with a $120 price target, while Tigress Financial projects a $130 target.
