Key Facts
- ✓ Analysis from Challenger, Gray & Christmas found 43 retail companies announced CEO exits in the first 10 months of 2025, up from 32 in the same period last year.
- ✓ Walmart CEO Doug McMillon is handing over the top job to John Furner on February 1.
- ✓ Target CEO Brian Cornell is being succeeded by Michael Fiddelke on February 1.
- ✓ Kraft Heinz has tapped Steve Cahillane to take over as CEO on January 1.
- ✓ Lululemon is parting ways with CEO Calvin McDonald on January 31.
Quick Summary
The retail sector is undergoing a major shift in executive leadership as 2025 concludes. 2025 has been identified as a significant year for CEO transition announcements, with roughly 45 retailers signaling changes in leadership. This figure represents a rise from approximately 32 the previous year, according to analysis by leadership consultancy Challenger, Gray & Christmas. The firm found that 43 retail companies announced CEO exits in the first 10 months of the year alone.
Two of the most significant changes involve the retirement of veteran CEOs at Walmart and Target. These departures mark the end of an era for the industry giants, who are handing the reins to corporate proteges. The shift in leadership occurs amidst a backdrop of industry-wide challenges, including accelerated adoption of AI and increasingly stretched US household budgets. Fresh leadership may provide the necessary momentum to navigate these complex conditions.
Industry-Wide Trends in Leadership Changes
The volume of CEO exits in the retail sector has increased notably in 2025. 43 retail companies announced CEO departures in the first 10 months of the year, compared to 32 in the same period last year. This surge in transitions suggests a strategic pivot for many companies facing a global trade rebalancing and economic pressures.
While the departures of Doug McMillon and Brian Cornell are the most prominent, dozens of smaller retailers have also reshuffled their C-suites. The industry is looking to new leadership to navigate an array of new and long-term challenges. The influx of new executives is expected to bring fresh perspectives to established brands.
Major Retail Chains Transitioning Leadership
Several high-profile retailers have confirmed specific dates and successors for their incoming CEOs. These transitions are scheduled to take effect in early 2026.
Walmart and Target
Walmart announced in November that John Furner, the CEO of the company's US division, will become president and CEO on February 1. Furner has been with the company for decades, starting as an hourly associate. He will succeed Doug McMillon, who is retiring.
Target announced in August that Michael Fiddelke will succeed Brian Cornell on February 1. Fiddelke has been with the company for 20 years, starting as a finance intern. Cornell will remain on the board as Executive Chair.
Other Key Retailers
Other major companies undergoing leadership changes include:
- Camping World: Founder Marcus Lemonis will step down as CEO on January 1. President Matthew Wagner, who has been with the company since 2007, will take over.
- Kraft Heinz: Steve Cahillane will take over as CEO on January 1, moving from his role as CEO of Kellanova. Cahillane has a long career leading consumer products companies.
- Kohl's: Michael Bender was officially appointed permanent CEO in late November, moving from his interim role.
- Lululemon: The company is parting ways with CEO Calvin McDonald on January 31. CFO Meghan Frank and Chief Commercial Officer André Maestrini will serve as interim co-CEOs.
- 7-Eleven: CEO Joe DePinto will retire at the end of the year. President Stan Reynolds and COO Doug Rosencrans will serve as co-CEOs until a permanent successor is named.
Executive Backgrounds and Future Outlook
The incoming leaders largely share a background of long tenure within their respective organizations, suggesting a preference for internal continuity. John Furner and Michael Fiddelke both started in entry-level positions and worked their way up through the ranks over decades. This internal promotion strategy aims to ensure stability during the transition period.
At Kraft Heinz, the selection of Steve Cahillane brings an executive with extensive external experience. Cahillane has led companies such as The Nature's Bounty Co. and Coca-Cola's Americas division, and spent eight years with AB InBev. The company is also planning to split into two publicly traded entities, North American Grocery Co. and Global Taste Elevation Co., with Cahillane leading the latter. Meanwhile, Lululemon and 7-Eleven are utilizing interim leadership structures to manage the transition while searching for permanent replacements.
